State Street Corporation $STT Shares Purchased by Sequoia Financial Advisors LLC

Key Points

• Sequoia Financial Advisors LLC has increased its stake in State Street Corporation by 57.3%, holding 6,942 shares worth approximately $738,000 as of the latest SEC filing.
• State Street's stock received a strong-buy rating from Zacks and several analysts have raised their price targets, with a consensus target now at $122.83.
• In its most recent earnings report, State Street surpassed analysts' expectations with an earnings per share of $2.78, compared to estimates of $2.57, reflecting a revenue increase of 8.8% year-over-year.

Sequoia Financial Advisors LLC lifted its stake in State Street Corporation (NYSE:STT - Free Report) by 57.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,942 shares of the asset manager's stock after purchasing an additional 2,528 shares during the period. Sequoia Financial Advisors LLC's holdings in State Street were worth $738,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in STT. First Pacific Financial acquired a new position in State Street during the first quarter worth about $25,000. Capital Analysts LLC raised its position in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC raised its position in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after acquiring an additional 118 shares during the last quarter. Golden State Wealth Management LLC raised its position in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after acquiring an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in State Street during the first quarter worth about $46,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Transactions at State Street

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 shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Bank of America lifted their target price on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. BMO Capital Markets initiated coverage on shares of State Street in a research report on Friday, October 3rd. They issued an "outperform" rating and a $130.00 price objective for the company. Truist Financial boosted their price objective on shares of State Street from $125.00 to $133.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of State Street in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $122.83.

State Street Price Performance

State Street stock opened at $111.27 on Friday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $118.24. The firm has a 50 day moving average price of $113.60 and a 200 day moving average price of $103.13. The company has a market cap of $31.57 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.14 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.57 by $0.21. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the previous year, the firm earned $2.26 earnings per share. State Street's revenue was up 8.8% compared to the same quarter last year. Sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Company Profile

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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