Sumitomo Mitsui Trust Group Inc. Decreases Stake in State Street Corporation $STT

Sumitomo Mitsui Trust Group Inc. lowered its stake in State Street Corporation (NYSE:STT) by 6.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 698,288 shares of the asset manager’s stock after selling 51,597 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in State Street were worth $74,256,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in STT. Capital Analysts LLC lifted its position in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC lifted its position in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares during the period. Golden State Wealth Management LLC lifted its position in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares during the period. Zions Bancorporation National Association UT acquired a new position in State Street during the first quarter valued at $46,000. Finally, Wayfinding Financial LLC acquired a new position in State Street during the first quarter valued at $49,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on STT. BMO Capital Markets began coverage on shares of State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price for the company. Wells Fargo & Company boosted their target price on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Cowen restated a “buy” rating on shares of State Street in a research report on Tuesday, October 21st. The Goldman Sachs Group boosted their target price on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Finally, Truist Financial cut their price objective on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Stock Up 1.3%

STT opened at $116.08 on Monday. The stock has a market capitalization of $32.93 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 1.23 and a beta of 1.46. The company has a fifty day moving average of $113.92 and a two-hundred day moving average of $104.59. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The business had revenue of $13 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.26 earnings per share. On average, research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Profile

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.