State Street Corporation $STT Holdings Boosted by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC grew its stake in shares of State Street Corporation (NYSE:STT) by 12.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 95,251 shares of the asset manager’s stock after buying an additional 10,614 shares during the period. Commonwealth Equity Services LLC’s holdings in State Street were worth $16,630,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Ascent Group LLC raised its position in State Street by 19.9% in the third quarter. Ascent Group LLC now owns 4,016 shares of the asset manager’s stock worth $701,000 after purchasing an additional 667 shares in the last quarter. Pzena Investment Management LLC boosted its holdings in shares of State Street by 43.7% in the 3rd quarter. Pzena Investment Management LLC now owns 1,769 shares of the asset manager’s stock worth $309,000 after acquiring an additional 538 shares in the last quarter. Rakuten Investment Management Inc. boosted its holdings in shares of State Street by 8.9% in the 3rd quarter. Rakuten Investment Management Inc. now owns 49,440 shares of the asset manager’s stock worth $8,789,000 after acquiring an additional 4,059 shares in the last quarter. AIA Group Ltd grew its position in State Street by 13.7% during the 3rd quarter. AIA Group Ltd now owns 83,868 shares of the asset manager’s stock worth $14,643,000 after acquiring an additional 10,078 shares during the last quarter. Finally, Provenance Wealth Advisors LLC grew its position in State Street by 8,853.3% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,343 shares of the asset manager’s stock worth $234,000 after acquiring an additional 1,328 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

STT has been the topic of a number of research analyst reports. Argus increased their price objective on shares of State Street from $168.00 to $212.00 and gave the stock a “buy” rating in a report on Friday, July 17th. BMO Capital Markets cut their price target on shares of State Street from $200.00 to $185.00 and set an “outperform” rating on the stock in a research report on Monday, October 19th. TD Cowen began coverage on shares of State Street in a research report on Thursday, October 8th. They set a “buy” rating and a $205.00 price target on the stock. Truist Financial decreased their price target on shares of State Street from $190.00 to $171.00 and set a “hold” rating for the company in a report on Thursday, October 15th. Finally, Keefe, Bruyette & Woods raised their price objective on State Street from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $193.97.

Insider Buying and Selling

In other news, CEO Ronald O’Hanley sold 14,554 shares of State Street stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total value of $2,395,588.40. Following the sale, the chief executive officer directly owned 215,905 shares in the company, valued at $35,537,963. This trade represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of the firm’s 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 transaction, the executive vice president directly owned 42,695 shares of the company’s stock, valued at approximately $7,199,657.85. This trade represents a 14.26% decrease in their position. 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 company insiders.

State Street Stock Up 0.4%

STT stock opened at $171.61 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a market capitalization of $46.69 billion, a P/E ratio of 12.99, a P/E/G ratio of 0.79 and a beta of 1.38. The business has a 50-day moving average of $177.04 and a 200-day moving average of $160.10. State Street Corporation has a fifty-two week low of $111.63 and a fifty-two week 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 analysts’ consensus estimates of $3.68 by $0.01. The business had revenue of $4 billion for the quarter, compared to analyst estimates of $4.03 billion. State Street had a return on equity of 16.11% and a net margin of 15.81%. State Street’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $2.78 EPS. On average, sell-side analysts anticipate that State Street Corporation will post 13.78 earnings per share for the current fiscal year.

State Street Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792 as Union Bank, it has a long history serving institutional clients and is among the oldest financial institutions in the United States. The company provides investment servicing, including custody, fund administration, accounting, and related middle- and back-office services. Its clients include asset managers, pension funds, insurers, and other financial institutions. Through State Street Investment Management, the company also offers investment management services and investment products, including the SPDR family of exchange-traded funds.