Montag A & Associates Inc. Decreases Stock Holdings in State Street Corporation $STT

Montag A & Associates Inc. reduced its position in shares of State Street Corporation (NYSE:STT) by 5.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 12,798 shares of the asset manager’s stock after selling 734 shares during the quarter. Montag A & Associates Inc.’s holdings in State Street were worth $1,361,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in STT. Brighton Jones LLC bought a new position in shares of State Street during the fourth quarter valued at about $296,000. Allworth Financial LP increased its holdings in State Street by 11.5% during the 1st quarter. Allworth Financial LP now owns 2,512 shares of the asset manager’s stock valued at $220,000 after purchasing an additional 259 shares during the period. Cerity Partners LLC raised its position in State Street by 16.0% during the 1st quarter. Cerity Partners LLC now owns 74,248 shares of the asset manager’s stock valued at $6,647,000 after purchasing an additional 10,249 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in State Street by 4.9% in the 1st quarter. New York State Common Retirement Fund now owns 363,956 shares of the asset manager’s stock worth $32,585,000 after buying an additional 17,000 shares during the period. Finally, Stephens Inc. AR grew its position in shares of State Street by 40.4% in the 1st quarter. Stephens Inc. AR now owns 3,793 shares of the asset manager’s stock worth $340,000 after buying an additional 1,092 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Morgan Stanley upped their target price on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Truist Financial reduced their price objective 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. TD Cowen initiated coverage on shares of State Street in a research report on Thursday, September 25th. They issued a “buy” rating for the company. Citigroup lifted their target price on shares of State Street from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, October 24th. 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 target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $125.92.

Insider Buying and Selling

In other news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

State Street Stock Down 0.2%

NYSE:STT opened at $119.49 on Wednesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The firm’s 50-day moving average price is $114.76 and its 200-day moving average price is $107.71. The company has a market capitalization of $33.37 billion, a PE ratio of 12.64, a P/E/G ratio of 1.24 and a beta of 1.47. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $120.81.

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