Davidson Trust Co. Decreases Position in State Street Corporation $STT

Davidson Trust Co. cut its position in State Street Corporation (NYSE:STT) by 4.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,448 shares of the asset manager’s stock after selling 108 shares during the period. Davidson Trust Co.’s holdings in State Street were worth $260,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of STT. Brighton Jones LLC purchased a new position in State Street in the fourth quarter worth about $296,000. GAMMA Investing LLC raised its holdings in State Street by 14.7% in the first quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager’s stock worth $329,000 after buying an additional 472 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in State Street by 10.9% in the first quarter. Assenagon Asset Management S.A. now owns 11,400 shares of the asset manager’s stock worth $1,021,000 after buying an additional 1,125 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in State Street by 58.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 52,383 shares of the asset manager’s stock worth $4,690,000 after buying an additional 19,377 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its holdings in State Street by 15.1% in the first quarter. Exchange Traded Concepts LLC now owns 1,804 shares of the asset manager’s stock worth $162,000 after buying an additional 237 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on STT. Bank of America lifted their target price on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. Truist Financial boosted their price objective on shares of State Street from $125.00 to $133.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. The Goldman Sachs Group boosted their price objective on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 6th. Finally, Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $115.00 to $130.00 in a report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $122.83.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by insiders.

State Street Stock Performance

Shares of NYSE STT opened at $115.39 on Wednesday. The firm has a 50 day moving average of $113.42 and a 200 day moving average of $102.63. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $32.74 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 1.17 and a beta of 1.46. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.24.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.15 earnings per share. On average, research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.