State Street Corporation $STT Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lowered its stake in shares of State Street Corporation (NYSE:STT) by 20.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 240,450 shares of the asset manager’s stock after selling 62,400 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in State Street were worth $41,980,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Philadelphia Investment Partners LLC bought a new position in State Street in the second quarter valued at $26,000. Bell Investment Advisors Inc purchased a new stake in State Street during the second quarter valued at about $28,000. Elevation Wealth Partners LLC lifted its stake in State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares during the last quarter. Continuum Advisory LLC bought a new stake in State Street during the second quarter worth about $30,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of State Street in the 2nd quarter worth about $33,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Down 2.4%

Shares of State Street stock opened at $169.63 on Friday. 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. The company’s 50 day moving average price is $180.18 and its 200-day moving average price is $158.73. The stock has a market capitalization of $46.15 billion, a price-to-earnings ratio of 13.85, a P/E/G ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, beating the consensus estimate of $3.68 by $0.01. The business had revenue of $4 billion during the quarter, compared to analysts’ expectations of $4.03 billion. State Street had a net margin of 15.81% and a return on equity of 16.11%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.78 EPS. Equities research analysts forecast that State Street Corporation will post 13.77 EPS for the current year.

Insider Transactions at State Street

In other news, CEO Ronald O’Hanley sold 14,554 shares of the company’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 transaction, the chief executive officer directly owned 215,905 shares of the company’s stock, valued at approximately $35,537,963. This represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of the 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on STT. JPMorgan Chase & Co. increased their price objective on State Street from $187.50 to $192.50 and gave the company a “neutral” rating in a research report on Friday. Capital One Financial set a $200.00 target price on State Street in a research note on Tuesday, October 6th. Keefe, Bruyette & Woods increased their price target on shares of State Street from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, October 15th. Weiss Ratings downgraded shares of State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, October 6th. Finally, Morgan Stanley upped their price objective on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average price target of $190.03.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: JPMorgan raised its price target for State Street from $187.50 to $192.50, implying meaningful potential upside from recent trading levels. However, the firm maintained a “neutral” rating, limiting the bullish impact. JPMorgan analyst action
• Neutral Sentiment: Barclays reiterated a “hold” view on STT. The lack of a positive rating change suggests analysts remain cautious despite State Street’s recent earnings beat and year-over-year revenue growth. Barclays hold rating
• Neutral Sentiment: State Street Global Advisors and affiliated entities reported changes to, or exits from, substantial holdings in several Australian-listed companies, including Deterra Royalties, Sims, Greatland Resources, Pantoro Gold, and Downer EDI. These portfolio disclosures appear routine and have limited direct implications for STT’s earnings.
• Negative Sentiment: Pomerantz LLP announced an investigation into potential claims on behalf of State Street investors. The announcement does not establish wrongdoing, but the possibility of litigation adds a reputational and legal overhang to the shares. Pomerantz investor investigation
• Negative Sentiment: Executive Vice President W. Bradford Hu sold 7,099 shares worth approximately $1.2 million, reducing his position by 14.26%. The transaction occurred under a pre-arranged Rule 10b5-1 plan, which makes it a weaker bearish signal than discretionary insider selling, but it may still weigh modestly on sentiment. State Street insider sale

About State Street

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.