112,671 State Street Corporation $STT Shares Sold by Vest Financial LLC

Key Points

• Vest Financial LLC reduced its State Street position by 44.7% in the third quarter, selling 112,671 shares and retaining 139,278 shares valued at approximately $24.3 million.
• Institutional investors own 87.44% of State Street, with major firms including BlackRock, Legal & General, Bank of New York Mellon, and Bank of America recently acquiring stakes.
• State Street’s latest quarterly results slightly exceeded earnings expectations, with EPS of $3.69 versus $3.68 forecast and revenue up 12.9% year over year. Analysts maintain a “Moderate Buy” consensus, with an average price target of $189.74.

Vest Financial LLC cut its position in shares of State Street Corporation (NYSE:STT - Free Report) by 44.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 139,278 shares of the asset manager's stock after selling 112,671 shares during the quarter. Vest Financial LLC owned 0.05% of State Street worth $24,317,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of State Street during the 2nd quarter worth $4,139,389,000. Legal & General Group Plc acquired a new stake in State Street in the 2nd quarter valued at about $330,849,000. Bank of New York Mellon Corp acquired a new stake in State Street in the 2nd quarter valued at about $301,393,000. Bank of America Corp DE purchased a new position in State Street during the 2nd quarter valued at about $285,936,000. Finally, Regents of The University of California increased its holdings in State Street by 15.6% during the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager's stock valued at $1,273,841,000 after acquiring an additional 1,358,923 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Up 1.3%

Shares of STT stock opened at $168.68 on Thursday. The firm has a market cap of $46.34 billion, a P/E ratio of 13.77, a PEG ratio of 0.77 and a beta of 1.41. State Street Corporation has a 1-year low of $111.63 and a 1-year high of $195.93. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.59. The firm's 50-day simple moving average is $182.94 and its 200-day simple moving average is $170.72.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) 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 16.36%. The company had revenue of $4 billion during the quarter, compared to analysts' expectations of $4.03 billion. During the same period in the previous year, the company earned $2.78 EPS. The business's quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts forecast that State Street Corporation will post 13.77 EPS for the current year.

Insider Transactions at State Street

In other news, EVP W. Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.27% of the company's stock.

Key Headlines Impacting State Street

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

• Positive Sentiment: State Street issued $750 million of fixed-to-floating-rate senior notes, strengthening funding capacity and liquidity. The additional debt may also support balance-sheet flexibility and investment in the company’s asset-servicing and asset-management businesses. State Street Boosts Funding with New Senior Notes
• Neutral Sentiment: Analyst commentary on State Street and Deutsche Bank provides additional sector perspective, but the available report details do not indicate a material change to State Street’s earnings outlook. The company’s latest quarterly results remain a supportive backdrop, with earnings slightly above consensus and revenue up year over year. Analysts Offer Insights on Financial Companies
• Neutral Sentiment: State Street and affiliated investment-management entities reported reducing or exiting substantial-holder positions in several Australian companies, including IDP Education, McMillan Shakespeare, Bega Cheese, Amotiv, Downer EDI, Clarity Pharmaceuticals, FireFly Metals and oOh!media. These disclosures appear to reflect portfolio rebalancing rather than a change in STT’s corporate strategy. State Street Australian Holdings Update
• Neutral Sentiment: State Street Global Advisors Singapore added a market maker to the SPDR Straits Times Index ETF, which could improve trading liquidity and support the ETF franchise, although the direct financial effect on STT is likely limited. SPDR Straits Times Index ETF Adds New Market Maker
• Negative Sentiment: BMO Capital Markets issued a pessimistic forecast for State Street, while Citi cut its price target from $212 to $190. Target reductions can pressure the stock by signaling more limited upside, even though the revised targets may still imply value depending on the current share price. BMO Capital Markets Issues Pessimistic Forecast Citi Cuts State Street Stock Target

Analyst Upgrades and Downgrades

Several analysts have issued reports on STT shares. Truist Financial reduced their price target on shares of State Street from $190.00 to $171.00 and set a "hold" rating on the stock in a report on Thursday, October 15th. Bank of America increased their price target on shares of State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, July 7th. BMO Capital Markets dropped their price objective on shares of State Street from $200.00 to $185.00 and set an "outperform" rating for the company in a research note on Monday. UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Finally, Wells Fargo & Company lifted their price objective on State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $189.74.

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.

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