State Street Corporation $STT Shares Purchased by Newman Dignan & Sheerar Inc.

Newman Dignan & Sheerar Inc. lifted its position in State Street Corporation (NYSE:STT) by 89.4% in the third quarter, Holdings Channel.com reports. The firm owned 11,228 shares of the asset manager’s stock after purchasing an additional 5,300 shares during the quarter. Newman Dignan & Sheerar Inc.’s holdings in State Street were worth $1,960,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of State Street during the 2nd quarter valued at about $4,139,389,000. State Street Corp lifted its position in State Street by 1.2% in the 2nd quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock worth $2,296,098,000 after buying an additional 163,362 shares during the last quarter. Regents of The University of California lifted its position in State Street by 15.6% in the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after buying an additional 1,358,923 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in State Street by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager’s stock worth $392,539,000 after buying an additional 51,754 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in State Street by 4.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,962,274 shares of the asset manager’s stock worth $502,402,000 after buying an additional 137,798 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Citigroup reduced their price target on shares of State Street from $212.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, October 16th. Weiss Ratings downgraded shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, October 6th. TD Cowen started coverage on shares of State Street in a report on Thursday, October 8th. They issued a “buy” rating and a $205.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of State Street from $187.00 to $187.50 and gave the company a “neutral” rating in a research note on Friday, October 2nd. Finally, Morgan Stanley upped their price objective on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $189.74.

Insider Buying and Selling

In related news, EVP W. Hu sold 9,758 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by corporate insiders.

State Street Stock Performance

Shares of STT stock opened at $166.48 on Wednesday. The company has a market capitalization of $45.73 billion, a P/E ratio of 13.59, a PEG ratio of 0.77 and a beta of 1.41. State Street Corporation has a fifty-two week low of $111.63 and a fifty-two week high of $195.93. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.59 and a current ratio of 0.57. The stock has a 50 day moving average price of $183.37 and a two-hundred day moving average price of $170.44.

State Street (NYSE:STT) last released its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, beating analysts’ consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the firm posted $2.78 earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. Analysts expect that State Street Corporation will post 13.77 earnings per share for the current year.

State Street News Summary

Here are the key news stories impacting State Street this week:

• Positive Sentiment: BMO Capital Markets maintained an “outperform” rating while lowering its State Street price target from $200 to $185. The revised target still implies meaningful upside from the recent trading level. BMO Capital Markets forecast for State Street
• Neutral Sentiment: State Street issued $750 million of fixed-to-floating-rate senior notes. The financing strengthens available funding, but it also increases debt and future interest obligations, making the stock impact mixed. State Street senior notes announcement
• Neutral Sentiment: State Street and its asset-management subsidiaries reported falling below substantial-holder thresholds or exiting holdings in several Australian companies, including IDP Education, McMillan Shakespeare, Bega Cheese, Amotiv, Downer EDI, Clarity Pharmaceuticals, FireFly Metals and oOh!media. These appear to be portfolio-position changes rather than a change in State Street’s core business, so the direct effect on STT is limited. State Street Australian holdings disclosures
• Negative Sentiment: Citi reduced its State Street price target from $212 to $190, while BMO also cut its target from $200 to $185. Although both targets remain above the current share price and BMO kept an outperform rating, the downgrades signal more cautious expectations and are likely contributing to pressure on STT shares. Citi lowers State Street price target

About State Street

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.