Atlantic Union Bankshares Corp Takes $152,000 Position in State Street Corporation $STT

Atlantic Union Bankshares Corp acquired a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,430 shares of the asset manager’s stock, valued at approximately $152,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harbour Investments Inc. lifted its position in shares of State Street by 11.7% during the 2nd quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock valued at $108,000 after acquiring an additional 106 shares during the period. McAdam LLC increased its stake in State Street by 1.7% in the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock valued at $707,000 after purchasing an additional 111 shares in the last quarter. Meeder Advisory Services Inc. increased its stake in State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock valued at $515,000 after purchasing an additional 114 shares in the last quarter. Larson Financial Group LLC raised its holdings in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in State Street by 5.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock worth $201,000 after purchasing an additional 126 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 0.8%

Shares of STT opened at $118.23 on Monday. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $119.33. The company’s fifty day moving average is $114.54 and its two-hundred day moving average is $107.25. The firm has a market cap of $33.02 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. 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 (NYSE:STT) last released its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The business had revenue of $13 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm posted $2.26 EPS. Analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on STT shares. Bank of America raised their price target on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Cowen restated a “buy” rating on shares of State Street in a report on Tuesday, October 21st. Morgan Stanley lifted 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. Wells Fargo & Company increased their price target on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Finally, Evercore ISI lifted their price objective on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $125.92.

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.