Diversify Advisory Services LLC Reduces Stake in State Street Co. (NYSE:STT)

Diversify Advisory Services LLC lowered its holdings in State Street Co. (NYSE:STT) by 33.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 6,729 shares of the asset manager’s stock after selling 3,437 shares during the quarter. Diversify Advisory Services LLC’s holdings in State Street were worth $605,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. abrdn plc lifted its holdings in State Street by 3.6% in the 3rd quarter. abrdn plc now owns 581,105 shares of the asset manager’s stock worth $51,166,000 after buying an additional 20,146 shares during the period. Frank Rimerman Advisors LLC purchased a new position in shares of State Street in the 3rd quarter valued at approximately $216,000. DekaBank Deutsche Girozentrale lifted its stake in shares of State Street by 1.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 97,443 shares of the asset manager’s stock valued at $8,564,000 after purchasing an additional 991 shares during the period. Forsta AP Fonden lifted its stake in shares of State Street by 8.4% in the 3rd quarter. Forsta AP Fonden now owns 68,300 shares of the asset manager’s stock valued at $6,043,000 after purchasing an additional 5,300 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of State Street by 43.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,815 shares of the asset manager’s stock valued at $6,069,000 after purchasing an additional 20,968 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barclays raised their target price on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Bank of America raised their target price on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Wolfe Research restated an “underperform” rating and issued a $73.00 target price on shares of State Street in a research note on Monday, July 8th. The Goldman Sachs Group raised their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada lifted their price objective on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $91.39.

State Street Stock Up 0.1 %

State Street stock opened at $92.95 on Thursday. The firm has a market cap of $27.76 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.16 and a beta of 1.48. The stock has a fifty day simple moving average of $87.76 and a two-hundred day simple moving average of $80.44. State Street Co. has a 12 month low of $63.57 and a 12 month high of $94.60. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the previous year, the company posted $1.93 earnings per share. State Street’s revenue was up 21.1% compared to the same quarter last year. Equities analysts predict that State Street Co. will post 8.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.31% of the stock is currently owned by corporate insiders.

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.