Banco Bilbao Vizcaya Argentaria S.A. Sells 63,189 Shares of State Street Corporation $STT

Banco Bilbao Vizcaya Argentaria S.A. reduced its stake in State Street Corporation (NYSE:STT) by 56.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,709 shares of the asset manager’s stock after selling 63,189 shares during the period. Banco Bilbao Vizcaya Argentaria S.A.’s holdings in State Street were worth $5,179,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of STT. Invesco Ltd. grew its position in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after acquiring an additional 674,120 shares during the period. Geode Capital Management LLC boosted its stake in shares of State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after purchasing an additional 27,098 shares in the last quarter. Northern Trust Corp grew its holdings in shares of State Street by 2.8% in the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after purchasing an additional 115,751 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of State Street by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after purchasing an additional 14,011 shares in the last quarter. Finally, Eastern Bank lifted its holdings in State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after purchasing an additional 2,947,153 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’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 sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

State Street Stock Down 1.3%

Shares of STT opened at $116.75 on Friday. The firm has a market capitalization of $32.61 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.24 and a beta of 1.47. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. The business’s fifty day moving average price is $115.09 and its two-hundred day moving average price is $108.21. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $122.69.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the company posted $2.26 earnings per share. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. On average, analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

STT has been the topic of several research analyst reports. Morgan Stanley upped their price objective on shares of State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Truist Financial decreased their price target on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research report on Monday, October 20th. The Goldman Sachs Group lifted their price objective on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Finally, TD Cowen initiated coverage on State Street in a research note on Thursday, September 25th. They issued a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $125.92.

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.