Sumitomo Mitsui Trust Group Inc. Purchases 4,611 Shares of State Street Corporation $STT

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of State Street Corporation (NYSE:STT) by 0.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 614,986 shares of the asset manager’s stock after acquiring an additional 4,611 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in State Street were worth $107,370,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in State Street in the 2nd quarter worth approximately $4,139,389,000. State Street Corp boosted its holdings 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 valued at $2,296,098,000 after purchasing an additional 163,362 shares during the period. Regents of The University of California boosted its holdings 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 valued at $1,273,841,000 after purchasing an additional 1,358,923 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in State Street by 4.9% in the 2nd 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 valued at $502,402,000 after purchasing an additional 137,798 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of State Street by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager’s stock valued at $392,539,000 after purchasing an additional 51,754 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In other news, EVP W. Hu sold 7,099 shares of State Street stock in a transaction on Monday, October 26th. The shares were sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the sale, the executive vice president directly owned 42,695 shares of the company’s stock, valued at approximately $7,199,657.85. The trade was a 14.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,554 shares of State Street stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the sale, the chief executive officer directly owned 215,905 shares of the company’s stock, valued at $35,537,963. This represents a 6.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 Trading Down 0.3%

Shares of STT opened at $169.25 on Tuesday. The firm’s 50 day simple moving average is $179.82 and its 200 day simple moving average is $158.92. The company has a market capitalization of $46.49 billion, a P/E ratio of 13.20, a P/E/G ratio of 0.80 and a beta of 1.41. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.59. State Street Corporation has a 1-year low of $111.63 and a 1-year high of $195.93.

State Street (NYSE:STT) last announced its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.68 by $0.01. State Street had a net margin of 15.81% and a return on equity of 16.36%. The business had revenue of $4 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business posted $2.78 earnings per share. State Street’s revenue for the quarter was up 12.9% on a year-over-year basis. Sell-side analysts forecast that State Street Corporation will post 13.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Bank of America upped their price target on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Morgan Stanley increased their price objective on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Evercore set a $200.00 price objective on State Street in a research note on Monday, July 20th. Truist Financial reduced their target price on State Street from $190.00 to $171.00 and set a “hold” rating for the company in a research report on Thursday, October 15th. Finally, TD Cowen began coverage on State Street in a research note on Thursday, October 8th. They issued a “buy” rating and a $205.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $190.03.

State Street Profile

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.