State Street Corp lessened its position in State Street Co. (NYSE:STT) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,735,184 shares of the asset manager’s stock after selling 296,103 shares during the quarter. State Street Corp’s holdings in State Street were worth $1,001,547,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in STT. Smith Asset Management Group LP increased its holdings in shares of State Street by 74.2% during the 3rd quarter. Smith Asset Management Group LP now owns 446 shares of the asset manager’s stock worth $26,000 after purchasing an additional 190 shares during the period. Balentine LLC increased its holdings in shares of State Street by 46.2% during the 2nd quarter. Balentine LLC now owns 462 shares of the asset manager’s stock worth $29,000 after purchasing an additional 146 shares during the period. CWM LLC increased its holdings in shares of State Street by 131.5% during the 3rd quarter. CWM LLC now owns 537 shares of the asset manager’s stock worth $32,000 after purchasing an additional 305 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of State Street during the 3rd quarter worth about $37,000. Finally, Hanseatic Management Services Inc. increased its holdings in shares of State Street by 30.2% during the 2nd quarter. Hanseatic Management Services Inc. now owns 823 shares of the asset manager’s stock worth $52,000 after purchasing an additional 191 shares during the period. Hedge funds and other institutional investors own 90.33% of the company’s stock.
In related news, CEO Francisco Aristeguieta sold 62,183 shares of the stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $66.13, for a total value of $4,112,161.79. Following the transaction, the chief executive officer now directly owns 110,582 shares in the company, valued at $7,312,787.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.28% of the company’s stock.
Several research analysts have recently issued reports on STT shares. UBS Group dropped their price objective on shares of State Street from $64.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Piper Sandler boosted their price objective on shares of State Street from $67.00 to $69.00 and gave the stock a “neutral” rating in a report on Monday, October 19th. Deutsche Bank Aktiengesellschaft upgraded shares of State Street from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $67.00 to $80.00 in a report on Wednesday, November 11th. Zacks Investment Research raised shares of State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 target price on the stock in a research note on Tuesday, July 28th. Finally, Morgan Stanley upped their target price on shares of State Street from $66.00 to $69.00 and gave the company an “underweight” rating in a research note on Monday, October 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. State Street has a consensus rating of “Hold” and an average target price of $75.13.
Shares of STT stock opened at $67.95 on Friday. State Street Co. has a 1 year low of $42.10 and a 1 year high of $85.89. The firm’s 50 day moving average is $64.39 and its 200-day moving average is $63.82. The firm has a market capitalization of $23.97 billion, a price-to-earnings ratio of 10.20, a PEG ratio of 2.04 and a beta of 1.54. The company has a current ratio of 0.50, a quick ratio of 0.54 and a debt-to-equity ratio of 0.60.
State Street (NYSE:STT) last announced its earnings results on Friday, October 16th. The asset manager reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.41 by $0.04. State Street had a net margin of 20.75% and a return on equity of 12.24%. The company had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the business earned $1.51 earnings per share. State Street’s quarterly revenue was down 4.1% on a year-over-year basis. On average, equities research analysts forecast that State Street Co. will post 6.55 earnings per share for the current fiscal year.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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