Miller Howard Investments Inc. NY Sells 128,755 Shares of State Street Corporation $STT

Key Points

• Miller Howard Investments cut its State Street stake by 25.6% in the third quarter, selling 128,755 shares and retaining 374,541 shares valued at approximately $65.4 million.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and a $189.74 price target, although several firms recently lowered their targets or maintained “Hold” ratings.
• State Street reported quarterly EPS of $3.69, narrowly exceeding estimates, while revenue rose 12.9% year over year to $4 billion; shares opened at $169.91 and institutional investors own 87.44% of the stock.

Miller Howard Investments Inc. NY lessened its stake in State Street Corporation (NYSE:STT - Free Report) by 25.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 374,541 shares of the asset manager's stock after selling 128,755 shares during the period. State Street makes up about 1.8% of Miller Howard Investments Inc. NY's holdings, making the stock its 14th biggest holding. Miller Howard Investments Inc. NY owned 0.14% of State Street worth $65,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in STT. Western Wealth Management LLC lifted its holdings in shares of State Street by 3.1% during the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager's stock worth $253,000 after acquiring an additional 60 shares during the last quarter. Genesee Capital Advisors LLC increased its stake in State Street by 1.2% in the 3rd quarter. Genesee Capital Advisors LLC now owns 5,601 shares of the asset manager's stock worth $978,000 after purchasing an additional 68 shares during the period. Community Financial Services Group LLC raised its holdings in State Street by 40.7% during the 3rd quarter. Community Financial Services Group LLC now owns 304 shares of the asset manager's stock valued at $53,000 after buying an additional 88 shares during the last quarter. 55 North Private Wealth LLC boosted its holdings in shares of State Street by 5.6% during the third quarter. 55 North Private Wealth LLC now owns 1,820 shares of the asset manager's stock worth $318,000 after purchasing an additional 97 shares during the period. Finally, CX Institutional lifted its holdings in State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager's stock worth $1,660,000 after buying an additional 98 shares during the period. Institutional investors own 87.44% of the company's stock.

Analysts Set New Price Targets

STT has been the topic of several research analyst reports. Zacks Research cut shares of State Street from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 18th. Royal Bank Of Canada lowered their price target on State Street from $196.00 to $175.00 and set a "sector perform" rating for the company in a research report on Thursday, October 15th. Capital One Financial set a $200.00 price target on shares of State Street in a report on Tuesday, October 6th. Keefe, Bruyette & Woods lifted their price objective on State Street from $220.00 to $230.00 and gave the stock an "outperform" rating in a report on Thursday, October 15th. Finally, Truist Financial decreased their target price on shares of State Street from $190.00 to $171.00 and set a "hold" rating for the company in a research note on Thursday, October 15th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $189.74.

State Street Trading Up 1.2%

Shares of STT stock opened at $169.91 on Tuesday. State Street Corporation has a 12-month low of $111.63 and a 12-month high of $195.93. The company has a current ratio of 0.57, a quick ratio of 0.59 and a debt-to-equity ratio of 1.07. The stock's 50-day moving average price is $181.96 and its 200-day moving average price is $157.77. The stock has a market capitalization of $46.67 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 0.78 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Wednesday, October 14th. The asset manager reported $3.69 EPS for the quarter, topping analysts' consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the business earned $2.78 earnings per share. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts predict that State Street Corporation will post 13.77 EPS for the current fiscal 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 that occurred on 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 sale, the chief executive officer directly owned 215,905 shares of the company's stock, valued at $35,537,963. This represents a 6.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by insiders.

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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