State Street Corporation $STT Holdings Boosted by Newman Dignan & Sheerar Inc.

Newman Dignan & Sheerar Inc. lifted its stake in shares of State Street Corporation (NYSE:STT) by 89.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,228 shares of the asset manager’s stock after purchasing an additional 5,300 shares during the quarter. Newman Dignan & Sheerar Inc.’s holdings in State Street were worth $1,960,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Philadelphia Investment Partners LLC bought a new position in State Street in the 2nd quarter worth about $26,000. Bell Investment Advisors Inc bought a new stake in shares of State Street during the second quarter valued at about $28,000. Elevation Wealth Partners LLC increased its position in shares of State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares during the period. Continuum Advisory LLC bought a new stake in shares of State Street during the second quarter valued at about $30,000. Finally, Keating Financial Advisory Services Inc. bought a new stake in shares of State Street during the second quarter valued at about $33,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

In other news, EVP W. Hu sold 9,758 shares of the stock in a transaction on Friday, July 24th. The shares were 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 $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by corporate insiders.

State Street Stock Up 0.6%

Shares of NYSE STT opened at $166.48 on Wednesday. State Street Corporation has a 12 month low of $111.63 and a 12 month high of $195.93. The company has a current ratio of 0.57, a quick ratio of 0.59 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $45.73 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.77 and a beta of 1.41. The business has a 50-day moving average of $183.37 and a 200-day moving average of $170.44.

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

Analysts Set New Price Targets

A number of research firms have recently commented on STT. Wells Fargo & Company raised their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. Weiss Ratings lowered shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, October 6th. The Goldman Sachs Group increased their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Finally, UBS Group set a $176.00 price target on shares of State Street in a report on Friday, June 26th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and an average price target of $189.74.

More State Street News

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

• Positive Sentiment: BMO Capital Markets maintained an “outperform” rating while lowering its State Street price target from $200 to $185. The revised target still implies meaningful upside from the recent trading level. BMO Capital Markets forecast for State Street
• Neutral Sentiment: State Street issued $750 million of fixed-to-floating-rate senior notes. The financing strengthens available funding, but it also increases debt and future interest obligations, making the stock impact mixed. State Street senior notes announcement
• Neutral Sentiment: State Street and its asset-management subsidiaries reported falling below substantial-holder thresholds or exiting holdings in several Australian companies, including IDP Education, McMillan Shakespeare, Bega Cheese, Amotiv, Downer EDI, Clarity Pharmaceuticals, FireFly Metals and oOh!media. These appear to be portfolio-position changes rather than a change in State Street’s core business, so the direct effect on STT is limited. State Street Australian holdings disclosures
• Negative Sentiment: Citi reduced its State Street price target from $212 to $190, while BMO also cut its target from $200 to $185. Although both targets remain above the current share price and BMO kept an outperform rating, the downgrades signal more cautious expectations and are likely contributing to pressure on STT shares. Citi lowers State Street price target

State Street 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.