D.A. Davidson & CO. Cuts Stock Position in State Street Corporation $STT

D.A. Davidson & CO. cut its holdings in shares of State Street Corporation (NYSE:STT) by 3.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,923 shares of the asset manager’s stock after selling 3,919 shares during the quarter. D.A. Davidson & CO.’s holdings in State Street were worth $14,724,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. True Wealth Design LLC raised its position in State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares during the period. SJS Investment Consulting Inc. grew its position in shares of State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 300 shares during the period. City Holding Co. purchased a new stake in shares of State Street during the 3rd quarter worth approximately $47,000. AlphaCore Capital LLC raised its holdings in shares of State Street by 103.5% in the 2nd quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock worth $50,000 after purchasing an additional 238 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in State Street in the second quarter valued at approximately $52,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

STT has been the subject of a number of recent research reports. Wells Fargo & Company raised their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Keefe, Bruyette & Woods lifted 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. Morgan Stanley restated an “overweight” rating and issued a $168.00 price objective on shares of State Street in a research note on Tuesday, December 16th. The Goldman Sachs Group increased their target price on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, Truist Financial lowered their price target on shares of State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.27.

State Street Price Performance

Shares of NYSE:STT opened at $132.93 on Tuesday. The company has a 50 day moving average of $122.37 and a 200 day moving average of $115.47. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.03. The stock has a market cap of $37.13 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.06 and a beta of 1.43. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $134.67.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating the consensus estimate of $2.57 by $0.21. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $2.26 EPS. As a group, sell-side analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, January 2nd will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, January 2nd. State Street’s payout ratio is presently 35.56%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president owned 38,626 shares of the company’s stock, valued at $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.