MAI Capital Management Acquires 540 Shares of State Street Corporation $STT

MAI Capital Management raised its holdings in shares of State Street Corporation (NYSE:STT) by 8.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 7,046 shares of the asset manager’s stock after buying an additional 540 shares during the period. MAI Capital Management’s holdings in State Street were worth $749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC bought a new stake in shares of State Street during the 4th quarter worth about $296,000. Y Intercept Hong Kong Ltd acquired a new stake in State Street during the first quarter worth approximately $232,000. Wedbush Securities Inc. lifted its position in State Street by 18.6% during the first quarter. Wedbush Securities Inc. now owns 3,301 shares of the asset manager’s stock worth $296,000 after acquiring an additional 517 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in shares of State Street by 4.1% during the first quarter. Avantax Advisory Services Inc. now owns 11,777 shares of the asset manager’s stock worth $1,054,000 after acquiring an additional 469 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of State Street by 0.6% in the first quarter. Cetera Investment Advisers now owns 43,293 shares of the asset manager’s stock valued at $3,876,000 after purchasing an additional 270 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on STT. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Keefe, Bruyette & Woods boosted their target price on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. 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. Finally, BMO Capital Markets began coverage on shares of State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and an average price target of $125.92.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by company insiders.

State Street Stock Up 0.7%

STT stock opened at $115.12 on Tuesday. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $122.69. The business has a 50-day simple moving average of $115.31 and a 200 day simple moving average of $109.32. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company has a market cap of $32.15 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last released its 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 for the quarter, compared to analyst estimates 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. Sell-side analysts anticipate 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.