State Street Corporation $STT Stock: Vest Financial LLC Decreases Holdings

Vest Financial LLC trimmed its position in State Street Corporation (NYSE:STT) by 44.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 139,278 shares of the asset manager’s stock after selling 112,671 shares during the quarter. Vest Financial LLC’s holdings in State Street were worth $24,317,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Philadelphia Investment Partners LLC bought a new stake in State Street during the second quarter valued at $26,000. Bell Investment Advisors Inc bought a new position in shares of State Street in the 2nd quarter worth about $28,000. Elevation Wealth Partners LLC lifted its position in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after buying an additional 106 shares during the last quarter. Continuum Advisory LLC bought a new position in shares of State Street in the 2nd quarter worth about $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in shares of State Street in the 2nd quarter valued at about $33,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STT has been the topic of several research reports. Evercore set a $200.00 price objective on shares of State Street in a research note on Monday, July 20th. Capital One Financial set a $200.00 target price on shares of State Street in a report on Tuesday, October 6th. Bank of America lifted their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. TD Cowen began coverage on State Street in a research note on Thursday, October 8th. They issued a “buy” rating and a $205.00 target price for the company. Finally, Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $189.74.

Insider Activity

In related news, EVP W. Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by insiders.

State Street Stock Performance

Shares of STT opened at $168.68 on Thursday. The firm has a market capitalization of $46.34 billion, a PE ratio of 13.77, a P/E/G ratio of 0.77 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average price of $182.94 and a 200 day moving average price of $170.72. State Street Corporation has a 52-week low of $111.63 and a 52-week high of $195.93.

State Street (NYSE:STT) last released its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The firm had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the firm posted $2.78 earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, sell-side analysts anticipate that State Street Corporation will post 13.77 earnings per share for the current fiscal year.

Key Headlines Impacting State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street issued $750 million of fixed-to-floating-rate senior notes, strengthening funding capacity and liquidity. The additional debt may also support balance-sheet flexibility and investment in the company’s asset-servicing and asset-management businesses. State Street Boosts Funding with New Senior Notes
• Neutral Sentiment: Analyst commentary on State Street and Deutsche Bank provides additional sector perspective, but the available report details do not indicate a material change to State Street’s earnings outlook. The company’s latest quarterly results remain a supportive backdrop, with earnings slightly above consensus and revenue up year over year. Analysts Offer Insights on Financial Companies
• Neutral Sentiment: State Street and affiliated investment-management entities reported reducing or exiting substantial-holder positions in several Australian companies, including IDP Education, McMillan Shakespeare, Bega Cheese, Amotiv, Downer EDI, Clarity Pharmaceuticals, FireFly Metals and oOh!media. These disclosures appear to reflect portfolio rebalancing rather than a change in STT’s corporate strategy. State Street Australian Holdings Update
• Neutral Sentiment: State Street Global Advisors Singapore added a market maker to the SPDR Straits Times Index ETF, which could improve trading liquidity and support the ETF franchise, although the direct financial effect on STT is likely limited. SPDR Straits Times Index ETF Adds New Market Maker
• Negative Sentiment: BMO Capital Markets issued a pessimistic forecast for State Street, while Citi cut its price target from $212 to $190. Target reductions can pressure the stock by signaling more limited upside, even though the revised targets may still imply value depending on the current share price. BMO Capital Markets Issues Pessimistic Forecast Citi Cuts State Street Stock Target

State Street Company Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.