Ontario Teachers Pension Plan Board Decreases Holdings in State Street Corporation $STT

Ontario Teachers Pension Plan Board lowered its position in State Street Corporation (NYSE:STT) by 24.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,228 shares of the asset manager’s stock after selling 3,253 shares during the period. Ontario Teachers Pension Plan Board’s holdings in State Street were worth $1,088,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Analysts LLC grew its holdings in State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of 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 buying an additional 118 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of State Street in the 1st quarter worth about $46,000. CVA Family Office LLC grew its stake in State Street by 45.8% in the 2nd quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock valued at $60,000 after acquiring an additional 176 shares during the last quarter. Finally, WPG Advisers LLC purchased a new position in State Street during the 1st quarter valued at about $77,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

STT has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Truist Financial reduced their target price on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. TD Cowen began coverage on State Street in a report on Thursday, September 25th. They set a “buy” rating on the stock. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Finally, BMO Capital Markets began coverage on State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $125.92.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm’s 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 sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company’s stock.

State Street Stock Down 1.3%

STT stock opened at $116.75 on Monday. The company has a 50 day moving average price of $115.09 and a two-hundred day moving average price of $108.35. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. The stock has a market capitalization of $32.61 billion, a P/E ratio of 12.35, a PEG ratio of 1.24 and a beta of 1.47. State Street Corporation has a one year low of $72.81 and a one year high of $122.69.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.26 EPS. As a group, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current year.

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.