DMKC Advisory Services LLC reduced its holdings in State Street Corporation (NYSE:STT – Free Report) by 10.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,636 shares of the asset manager’s stock after selling 2,952 shares during the quarter. State Street accounts for about 1.0% of DMKC Advisory Services LLC’s investment portfolio, making the stock its 27th largest holding. DMKC Advisory Services LLC’s holdings in State Street were worth $4,301,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Philadelphia Investment Partners LLC acquired a new position in shares of State Street in the 2nd quarter valued at approximately $26,000. Bell Investment Advisors Inc bought a new stake in State Street during the 2nd quarter worth approximately $28,000. Elevation Wealth Partners LLC raised its holdings in State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after buying an additional 106 shares during the period. Continuum Advisory LLC acquired a new stake in State Street during the 2nd quarter worth approximately $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in State Street during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 87.44% of the company’s stock.
Wall Street Analyst Weigh In
STT has been the subject of several research analyst reports. Weiss Ratings cut shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, October 6th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 18th. Royal Bank Of Canada dropped their price objective on shares of State Street from $196.00 to $175.00 and set a “sector perform” rating on the stock in a report on Thursday, October 15th. Citigroup cut their price objective on shares of State Street from $212.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, October 16th. Finally, Seaport Research Partners boosted their price objective on shares of State Street from $209.00 to $214.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $193.97.
View Our Latest Research Report on State Street
State Street Stock Up 3.3%
Shares of State Street stock opened at $171.09 on Tuesday. The firm has a market cap of $46.55 billion, a PE ratio of 13.97, a P/E/G ratio of 0.80 and a beta of 1.38. The business’s 50 day simple moving average is $177.43 and its 200 day simple moving average is $159.89. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 52-week low of $111.63 and a 52-week high of $195.93.
State Street (NYSE:STT – Get Free Report) last released its quarterly earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.68 by $0.01. The firm had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.03 billion. State Street had a return on equity of 16.11% and a net margin of 15.81%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.78 EPS. On average, analysts predict that State Street Corporation will post 13.78 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, EVP W. Hu sold 7,099 shares of the firm’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $168.63, for a total value of $1,197,104.37. Following the completion of the transaction, the executive vice president owned 42,695 shares of the company’s stock, valued at approximately $7,199,657.85. This trade represents a 14.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,554 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer directly owned 215,905 shares of the company’s stock, valued at approximately $35,537,963. This trade represents a 6.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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.
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