Chevy Chase Trust Holdings LLC Sells 657 Shares of State Street Corporation $STT

Chevy Chase Trust Holdings LLC trimmed its stake in shares of State Street Corporation (NYSE:STT) by 0.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 151,454 shares of the asset manager’s stock after selling 657 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of State Street worth $16,106,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Pacific Financial bought a new position in State Street in the 1st quarter worth about $25,000. Capital Analysts LLC increased its stake in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC increased its stake in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after acquiring an additional 118 shares during the last quarter. Golden State Wealth Management LLC increased its stake in State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after acquiring an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in State Street in the 1st quarter worth about $46,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

STT has been the topic of a number of research analyst reports. Bank of America upped their target price on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and upped their target price for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Wells Fargo & Company upped their price objective on State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, BMO Capital Markets assumed coverage on State Street in a report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $122.83.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is owned by corporate insiders.

State Street Price Performance

STT opened at $111.27 on Friday. The stock has a 50-day moving average price of $113.60 and a 200-day moving average price of $103.13. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.24. 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 stock has a market capitalization of $31.57 billion, a P/E ratio of 11.77, a PEG ratio of 1.14 and a beta of 1.46.

State Street (NYSE:STT) last issued its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. The company had revenue of $13 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.26 EPS. Equities analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal 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.