Eastern Bank Decreased Stake in State Street Corp (NYSE:STT) by $8.78 Million as Shares Declined


Eastern Bank decreased its stake in State Street Corp (NYSE:STT) by 52.04% based on its latest 2016Q2 regulatory filing with the SEC. Eastern Bank sold 151,418 shares as the company’s stock declined 10.16% while stock markets rallied. The institutional investor held 139,555 shares of the major banks company at the end of 2016Q2, valued at $8.17M, down from 290,973 at the end of the previous reported quarter. Eastern Bank who had been investing in State Street Corp for a number of months, seems to be less bullish one the $27.22B market cap company. The stock is down 2.53% or $1.79 after the negative news, hitting $68.86 per share. About 922,902 shares traded hands. State Street Corp (NYSE:STT) has risen 31.88% since February 8, 2016 and is uptrending. It has outperformed by 15.40% the S&P500.

Eastern Bank, which manages about $1.23B US Long portfolio, upped its stake in Ford Motor Co (NYSE:F) by 282,502 shares to 1.29 million shares, valued at $17.46 million in 2016Q2, according to the filing. It also increased its holding in Spdr (XLK) by 325,733 shares in the quarter, for a total of 340,077 shares, and has risen its stake in I Shares (IEI).

The institutional sentiment increased to 0.92 in Q2 2016. Its up 0.18, from 0.74 in 2016Q1. The ratio improved, as 39 funds sold all STT shares owned while 250 reduced positions. 71 funds bought stakes while 194 increased positions. They now own 328.46 million shares or 1.10% less from 332.10 million shares in 2016Q1.

Guinness Atkinson Asset Management Inc holds 3.11% of its portfolio in STT for 92,134 shares. Coho Partners Ltd. owns 1.53 million shares or 3% of their US portfolio. Moreover, Gillespie Robinson & Grimm Inc has 2.96% invested in the company for 342,414 shares. The Georgia-based Cornerstone Investment Partners Llc has invested 2.7% in the stock. Cooke & Bieler Lp, a Pennsylvania-based fund reported 2.14 million shares.

Out of 10 analysts covering State Street Corporation (NYSE:STT), 3 rate it a “Buy”, 1 “Sell”, while 6 “Hold”. This means 30% are positive. $84 is the highest target while $52 is the lowest. The $70.86 average target is 2.90% above today’s ($68.86) stock price. State Street Corporation has been the topic of 24 analyst reports since October 7, 2015 according to StockzIntelligence Inc. Deutsche Bank maintained the stock on September 9 with “Hold” rating. Credit Suisse maintained the shares of STT in a report on April 5 with “Neutral” rating. Lastly, RBC Capital Markets maintained the stock with “Sector Perform” rating in a January 28 report.

State Street Corporation, the parent company, is a financial holding company. The company has a market cap of $27.22 billion. The parent firm provides financial and managerial support to its legal and operating subsidiaries. It has a 14.09 P/E ratio. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Leave a Reply