State Street Corporation $STT Stake Lifted by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of State Street Corporation (NYSE:STT) by 0.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 614,986 shares of the asset manager’s stock after acquiring an additional 4,611 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of State Street worth $107,370,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Philadelphia Investment Partners LLC bought a new stake in shares of State Street in the 2nd quarter worth approximately $26,000. Bell Investment Advisors Inc purchased a new position in State Street in the second quarter valued at approximately $28,000. Elevation Wealth Partners LLC lifted its stake in State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares during the last quarter. Continuum Advisory LLC purchased a new position in State Street in the second quarter valued at approximately $30,000. Finally, Keating Financial Advisory Services Inc. bought a new position in State Street during the second quarter valued at $33,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

NYSE STT opened at $169.25 on Tuesday. The firm has a market cap of $46.49 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 0.80 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 company’s 50 day moving average is $179.82 and its 200-day moving average is $158.92. State Street Corporation has a 12-month low of $111.63 and a 12-month high of $195.93.

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

Analyst Upgrades and Downgrades

STT has been the subject of a number of recent research reports. Royal Bank Of Canada decreased their target price on State Street from $196.00 to $175.00 and set a “sector perform” rating for the company in a research report on Thursday, October 15th. Wells Fargo & Company upped their price target on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. upped their price target on State Street from $187.50 to $192.50 and gave the company a “neutral” rating in a research report on Friday. Citigroup cut their price target on State Street from $212.00 to $190.00 and set a “buy” rating for the company in a research note on Friday, October 16th. Finally, Evercore set a $200.00 price objective on State Street in a report on Monday, July 20th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $190.03.

Insiders Place Their Bets

In other State Street news, CEO Ronald O’Hanley sold 14,554 shares of the business’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the sale, the chief executive officer owned 215,905 shares of the company’s stock, valued at $35,537,963. The trade was a 6.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of the stock in a transaction on Monday, October 26th. The stock was sold at an average price of $168.63, for a total value of $1,197,104.37. Following the sale, the executive vice president owned 42,695 shares in the company, valued at approximately $7,199,657.85. This represents a 14.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company’s stock.

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.