Retirement Systems of Alabama Has $6.51 Million Stock Holdings in State Street Corporation $STT

Retirement Systems of Alabama decreased its holdings in shares of State Street Corporation (NYSE:STT) by 1.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 61,193 shares of the asset manager’s stock after selling 796 shares during the period. Retirement Systems of Alabama’s holdings in State Street were worth $6,507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. Harbour Investments Inc. lifted its holdings in shares of State Street by 11.7% during the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock worth $108,000 after buying an additional 106 shares in the last quarter. McAdam LLC lifted its holdings in shares of State Street by 1.7% during the second quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock worth $707,000 after buying an additional 111 shares in the last quarter. Meeder Advisory Services Inc. lifted its holdings in shares of State Street by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock worth $515,000 after buying an additional 114 shares in the last quarter. Larson Financial Group LLC lifted its holdings 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 buying an additional 118 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of State Street by 5.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock worth $201,000 after buying an additional 126 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the transaction, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by corporate insiders.

State Street Stock Performance

State Street stock opened at $116.71 on Tuesday. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $119.33. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The business’s 50-day moving average price is $114.39 and its two-hundred day moving average price is $106.29. The stock has a market cap of $33.11 billion, a PE ratio of 12.35, a P/E/G ratio of 1.24 and a beta of 1.46.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm had revenue of $13 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the previous year, the business posted $2.26 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Truist Financial dropped their target price on State Street from $133.00 to $131.00 and set a “buy” rating for the company in a report on Monday, October 20th. Bank of America lifted their target price on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. Citigroup lifted their target price on State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, October 24th. Keefe, Bruyette & Woods raised their price target on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Finally, Evercore ISI raised their price target on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Company 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.