Davidson Trust Co. Sells 108 Shares of State Street Corporation $STT

Davidson Trust Co. reduced its position in State Street Corporation (NYSE:STT) by 4.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,448 shares of the asset manager’s stock after selling 108 shares during the quarter. Davidson Trust Co.’s holdings in State Street were worth $260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. First Pacific Financial purchased a new position in shares of State Street in the first quarter worth $25,000. Capital Analysts LLC lifted its holdings in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after buying an additional 274 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after buying an additional 118 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after buying an additional 310 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in shares of State Street in the first quarter worth $46,000. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on STT shares. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Evercore ISI boosted their target price on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. TD Cowen began coverage on shares of State Street in a report on Thursday, September 25th. They issued a “buy” rating on the stock. Finally, Truist Financial upped their price target on shares of State Street from $125.00 to $133.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $122.83.

State Street Price Performance

State Street stock opened at $115.39 on Wednesday. The company has a market cap of $32.74 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.17 and a beta of 1.46. The firm’s fifty day moving average is $113.42 and its 200 day moving average is $102.63. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm earned $2.15 earnings per share. State Street’s revenue was up 2.9% on a year-over-year basis. Sell-side analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

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.