Handelsbanken Fonder AB Sells 9,953 Shares of State Street Corporation $STT

Handelsbanken Fonder AB cut its holdings in State Street Corporation (NYSE:STT) by 10.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,156 shares of the asset manager’s stock after selling 9,953 shares during the quarter. Handelsbanken Fonder AB’s holdings in State Street were worth $8,843,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Capital Analysts LLC raised its position in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after buying an additional 274 shares during the last quarter. Zions Bancorporation National Association UT bought a new position in State Street during the first quarter valued at approximately $46,000. CVA Family Office LLC boosted its holdings in State Street by 45.8% in the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after purchasing an additional 176 shares during the last quarter. WPG Advisers LLC bought a new stake in State Street in the 1st quarter worth approximately $77,000. Finally, Sarver Vrooman Wealth Advisors purchased a new stake in State Street during the 2nd quarter valued at $77,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the subject of several research analyst reports. Evercore ISI lifted their price objective on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. BMO Capital Markets assumed coverage on shares of State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective on the stock. Cowen restated a “buy” rating on shares of State Street in a research report on Tuesday, October 21st. Morgan Stanley upped their target price on shares of State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Finally, Wells Fargo & Company lifted their price target on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. 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 given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $125.92.

State Street Stock Performance

NYSE STT opened at $114.32 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 twelve month low of $72.81 and a twelve month high of $122.69. The business has a 50-day moving average price of $115.25 and a 200-day moving average price of $109.17. The firm has a market cap of $31.93 billion, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter last year, the business posted $2.26 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’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 transaction, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

About State Street

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.