State Street Corporation $STT Shares Sold by Intact Investment Management Inc.

Intact Investment Management Inc. reduced its position in State Street Corporation (NYSE:STT) by 35.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,300 shares of the asset manager’s stock after selling 16,800 shares during the quarter. Intact Investment Management Inc.’s holdings in State Street were worth $3,222,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital Analysts LLC boosted its stake in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. Zions Bancorporation National Association UT purchased a new stake in State Street during the 1st quarter worth approximately $46,000. AlphaCore Capital LLC lifted its holdings in State Street by 103.5% during the 2nd quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock worth $50,000 after buying an additional 238 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in State Street in the 2nd quarter valued at approximately $52,000. Finally, CVA Family Office LLC grew its stake in shares of State Street by 45.8% in the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after acquiring an additional 176 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Morgan Stanley boosted their price objective on State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. TD Cowen initiated coverage on shares of State Street in a research note on Thursday, September 25th. They set a “buy” rating on the stock. BMO Capital Markets assumed coverage on shares of State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price target for the company. Finally, Citigroup boosted their price target on shares of State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $125.92.

State Street Stock Performance

NYSE:STT opened at $128.72 on Thursday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $128.93. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.59. The firm’s fifty day moving average price is $117.08 and its 200 day moving average price is $111.26. The firm has a market cap of $35.95 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 1.17 and a beta of 1.44.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the prior year, the company posted $2.26 earnings per share. State Street’s quarterly revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street 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.