Carlson Capital L.P. Sells 6,100 Shares of State Street Corporation $STT

Carlson Capital L.P. trimmed its stake in State Street Corporation (NYSE:STT) by 58.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,400 shares of the asset manager’s stock after selling 6,100 shares during the period. Carlson Capital L.P.’s holdings in State Street were worth $468,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in STT. Capital Analysts LLC raised its holdings in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 274 shares in the last quarter. AlphaCore Capital LLC grew its holdings in shares of State Street by 103.5% during the 2nd quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock worth $50,000 after purchasing an additional 238 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of State Street during the first quarter valued at approximately $46,000. CVA Family Office LLC raised its stake in shares of State Street by 45.8% in the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock valued at $60,000 after purchasing an additional 176 shares in the last quarter. Finally, Soundwatch Capital LLC bought a new position in State Street in the second quarter worth $76,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Price Performance

State Street stock opened at $117.80 on Thursday. The business’s 50-day simple moving average is $115.55 and its 200 day simple moving average is $109.53. 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 stock has a market cap of $32.90 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 1.24 and a beta of 1.47. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $122.69.

State Street (NYSE:STT) last announced its quarterly earnings data 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 net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period last year, the firm earned $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, research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Evercore ISI raised their price target on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Keefe, Bruyette & Woods lifted their price objective on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Cowen reissued a “buy” rating on shares of State Street in a report on Tuesday, October 21st. Finally, Citigroup raised their target price on State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. Two investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

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.