State Street Corporation $STT Shares Sold by GHP Investment Advisors Inc.

GHP Investment Advisors Inc. reduced its stake in shares of State Street Corporation (NYSE:STT) by 32.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 2,318 shares of the asset manager’s stock after selling 1,102 shares during the quarter. GHP Investment Advisors Inc.’s holdings in State Street were worth $246,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Brighton Jones LLC acquired a new position in State Street in the 4th quarter valued at $296,000. Allspring Global Investments Holdings LLC raised its holdings in State Street by 127.3% in 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 acquiring an additional 17,201 shares during the last quarter. DAVENPORT & Co LLC raised its holdings in State Street by 5.9% in the 1st quarter. DAVENPORT & Co LLC now owns 7,934 shares of the asset manager’s stock valued at $710,000 after acquiring an additional 443 shares during the last quarter. Principal Financial Group Inc. raised its holdings in State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock valued at $30,387,000 after acquiring an additional 5,242 shares during the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in State Street by 29.0% in the 1st quarter. OneDigital Investment Advisors LLC now owns 4,203 shares of the asset manager’s stock valued at $376,000 after acquiring an additional 944 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

NYSE STT opened at $116.71 on Tuesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The firm has a market capitalization of $33.11 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.24 and a beta of 1.46. The company’s fifty day moving average is $114.39 and its two-hundred day moving average is $106.29. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $119.33.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. The firm had revenue of $13 billion during 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 company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.26 earnings per share. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Morgan Stanley boosted their price target on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Evercore ISI boosted their price target on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their price objective on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Finally, Wells Fargo & Company upped their price objective on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $125.92.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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.