State Street Corporation $STT Shares Sold by Welch & Forbes LLC

Welch & Forbes LLC reduced its position in State Street Corporation (NYSE:STT) by 3.2% in the 2nd quarter, Holdings Channel reports. The fund owned 39,153 shares of the asset manager’s stock after selling 1,300 shares during the period. Welch & Forbes LLC’s holdings in State Street were worth $4,164,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Brighton Jones LLC acquired a new position in State Street in the fourth quarter valued at $296,000. Allspring Global Investments Holdings LLC grew its stake in shares of State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock valued at $2,728,000 after buying an additional 17,201 shares during the period. DAVENPORT & Co LLC increased its holdings in shares of State Street by 5.9% during the 1st quarter. DAVENPORT & Co LLC now owns 7,934 shares of the asset manager’s stock worth $710,000 after buying an additional 443 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock worth $30,387,000 after buying an additional 5,242 shares during the period. Finally, Calamos Advisors LLC boosted its holdings in State Street by 1.1% in the first quarter. Calamos Advisors LLC now owns 74,715 shares of the asset manager’s stock valued at $6,689,000 after acquiring an additional 832 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 0.4%

NYSE STT opened at $115.70 on Monday. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $119.33. The business has a 50 day moving average price of $114.36 and a two-hundred day moving average price of $106.04. The stock has a market cap of $32.82 billion, a PE ratio of 12.24, a P/E/G ratio of 1.24 and a beta of 1.46.

State Street (NYSE:STT) last posted 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. The company had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.26 earnings per share. As a group, sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on STT. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Citigroup boosted 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. Morgan Stanley increased their target price on shares of State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Cowen reaffirmed a “buy” rating on shares of State Street in a research report on Tuesday, October 21st. Finally, Evercore ISI increased their price objective on shares of 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 assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $125.92.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, October 27th. The shares were 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is owned by company insiders.

State Street 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.