Northeast Investment Management Sells 611 Shares of State Street Corporation $STT

Northeast Investment Management trimmed its position in shares of State Street Corporation (NYSE:STT) by 14.9% during the second quarter, HoldingsChannel reports. The firm owned 3,493 shares of the asset manager’s stock after selling 611 shares during the quarter. Northeast Investment Management’s holdings in State Street were worth $371,000 at the end of the most recent quarter.

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 shares of State Street during the first quarter worth $25,000. Capital Analysts LLC boosted its position in shares of State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after purchasing an additional 274 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after purchasing an additional 310 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in shares of State Street during the first quarter worth $46,000. 87.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

STT has been the topic of a number of research analyst reports. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Evercore ISI raised their price objective on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. BMO Capital Markets initiated coverage on shares of State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price objective on the stock. TD Cowen initiated coverage on shares of State Street in a report on Thursday, September 25th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company raised their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $122.83.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction 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 sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company’s stock.

State Street Stock Down 1.5%

Shares of STT stock opened at $111.27 on Monday. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $118.24. The firm’s fifty day moving average price is $113.60 and its two-hundred day moving average price is $103.27. The firm 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 quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same period in the previous year, the business earned $2.26 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. On average, equities analysts predict that State Street Corporation will post 9.68 EPS 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. 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.