State Street Corporation $STT Shares Newly Bought by Summit Global Investments

Summit Global Investments acquired a new position in State Street Corporation (NYSE:STT) in the third quarter, HoldingsChannel reports. The firm acquired 27,639 shares of the asset manager’s stock, valued at approximately $4,826,000.

Several other institutional investors also recently bought and sold shares of the stock. Philadelphia Investment Partners LLC purchased a new stake in State Street during the 2nd quarter valued at $26,000. Bell Investment Advisors Inc bought a new stake in State Street during the 2nd quarter valued at approximately $28,000. Elevation Wealth Partners LLC grew its stake in State Street by 153.6% in 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 period. Continuum Advisory LLC purchased a new stake in State Street in the second quarter worth $30,000. Finally, Keating Financial Advisory Services Inc. purchased a new stake in State Street in the second quarter worth $33,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street News Roundup

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

State Street Stock Down 2.4%

NYSE STT opened at $169.63 on Friday. State Street Corporation has a 52 week low of $111.63 and a 52 week high of $195.93. The company has a market capitalization of $46.15 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The stock’s 50-day moving average price is $180.18 and its 200-day moving average price is $158.73. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.02.

State Street (NYSE:STT) last issued 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. State Street had a net margin of 15.81% and a return on equity of 16.11%. The business had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the firm earned $2.78 earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities research analysts predict that State Street Corporation will post 13.77 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Hanley Ronald P. O sold 14,554 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The stock was 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 owned 215,905 shares in the company, valued at $35,537,963. This trade represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president owned 42,695 shares of the company’s stock, valued at $7,199,657.85. This represents a 14.26% decrease in their position. The SEC filing for this sale provides additional information. 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 equities analysts have commented on STT shares. Keefe, Bruyette & Woods raised their price objective on State Street from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, October 15th. TD Cowen initiated coverage on shares of State Street in a research note on Thursday, October 8th. They issued a “buy” rating and a $205.00 target price on the stock. Bank of America increased their price objective on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Morgan Stanley raised their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Barclays upped their price target on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus target price of $190.03.

State Street Profile

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.