Atria Wealth Solutions Inc. Has $1.68 Million Stock Position in State Street Corporation $STT

Key Points

• Atria Wealth Solutions Inc. reduced its stake in State Street Corporation by 38.0%, holding 15,841 shares valued at approximately $1.68 million as of its latest SEC filing.
• State Street's stock has a current market cap of $33.08 billion, with shares recently trading at $116.59 and reporting EPS of $2.53 for the last quarter, exceeding analysts' expectations.
• Several institutional investors, including Eastern Bank and Allianz Asset Management, have significantly increased their holdings in State Street, which now has 87.44% of its stock owned by institutional investors.

Atria Wealth Solutions Inc. decreased its stake in State Street Corporation (NYSE:STT - Free Report) by 38.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,841 shares of the asset manager's stock after selling 9,712 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in State Street were worth $1,684,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of STT. Eastern Bank boosted its position in shares of State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after purchasing an additional 2,947,153 shares during the period. Nuveen LLC acquired a new position in shares of State Street in the 1st quarter valued at $93,016,000. Invesco Ltd. boosted its position in shares of State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after purchasing an additional 674,120 shares during the period. Miller Howard Investments Inc. NY purchased a new stake in State Street in the 1st quarter worth about $42,504,000. Finally, Allianz Asset Management GmbH lifted its stake in State Street by 404.7% in the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager's stock worth $52,469,000 after acquiring an additional 469,936 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.29% of the company's stock.

State Street Stock Up 1.0%

Shares of State Street stock opened at $116.59 on Thursday. The firm has a market cap of $33.08 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 1.19 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24. The stock has a 50-day simple moving average of $113.54 and a 200-day simple moving average of $102.72.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm's revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.15 EPS. On average, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Citigroup raised State Street from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Weiss Ratings reissued a "buy (b)" rating on shares of State Street in a research note on Wednesday, October 8th. Bank of America increased their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company increased their price objective on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and an average price target of $122.83.

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.

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