State Street Corporation $STT Stock: DMKC Advisory Services LLC Decreases Stake

DMKC Advisory Services LLC trimmed its stake in State Street Corporation (NYSE:STT) by 10.7% in the third quarter, Holdings Channel reports. The firm owned 24,636 shares of the asset manager’s stock after selling 2,952 shares during the quarter. State Street comprises approximately 1.0% of DMKC Advisory Services LLC’s investment portfolio, making the stock its 27th biggest position. DMKC Advisory Services LLC’s holdings in State Street were worth $4,301,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Welch & Forbes LLC grew its stake in shares of State Street by 0.5% in the third quarter. Welch & Forbes LLC now owns 38,365 shares of the asset manager’s stock valued at $6,698,000 after buying an additional 183 shares in the last quarter. AlphaCore Capital LLC increased its holdings in State Street by 24.8% during the third quarter. AlphaCore Capital LLC now owns 7,122 shares of the asset manager’s stock worth $1,243,000 after buying an additional 1,413 shares during the last quarter. Fulcrum Asset Management LLP bought a new stake in State Street during the third quarter worth $161,000. Allspring Global Investments Holdings LLC raised its position in State Street by 9.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 13,571 shares of the asset manager’s stock worth $2,370,000 after acquiring an additional 1,176 shares in the last quarter. Finally, Brighton Jones LLC raised its position in State Street by 11.2% during the third quarter. Brighton Jones LLC now owns 5,716 shares of the asset manager’s stock worth $998,000 after acquiring an additional 575 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Up 3.3%

STT stock opened at $171.09 on Tuesday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $46.55 billion, a PE ratio of 13.97, a PEG ratio of 0.80 and a beta of 1.38. State Street Corporation has a 1-year low of $111.63 and a 1-year high of $195.93. The business’s 50 day simple moving average is $177.43 and its 200 day simple moving average is $159.89.

State Street (NYSE:STT) last posted its quarterly 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 return on equity of 16.11% and a net margin of 15.81%. The business had revenue of $4 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the business earned $2.78 EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, research analysts anticipate that State Street Corporation will post 13.78 EPS for the current year.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of recent analyst reports. Citigroup cut their price target on shares of State Street from $212.00 to $190.00 and set a “buy” rating for the company in a research note on Friday, October 16th. Morgan Stanley boosted their price objective on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings cut shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, October 6th. Evercore raised their target price on shares of State Street from $185.00 to $200.00 in a research note on Wednesday, October 28th. Finally, Wells Fargo & Company raised their target price on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $193.97.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,554 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer owned 215,905 shares in the company, valued at approximately $35,537,963. This trade represents a 6.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 firm’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the sale, the executive vice president owned 42,695 shares of the company’s stock, valued at approximately $7,199,657.85. This represents a 14.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company’s stock.

State Street Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792 as Union Bank, it has a long history serving institutional clients and is among the oldest financial institutions in the United States.

The company provides investment servicing, including custody, fund administration, accounting, and related middle- and back-office services. Its clients include asset managers, pension funds, insurers, and other financial institutions.

Through State Street Investment Management, the company also offers investment management services and investment products, including the SPDR family of exchange-traded funds.