Bank of Nova Scotia Has $12.12 Million Position in State Street Corporation $STT

Bank of Nova Scotia lessened its holdings in shares of State Street Corporation (NYSE:STT) by 19.3% in the second quarter, HoldingsChannel.com reports. The firm owned 113,948 shares of the asset manager’s stock after selling 27,329 shares during the period. Bank of Nova Scotia’s holdings in State Street were worth $12,117,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in STT. Baker Avenue Asset Management LP acquired a new position in shares of State Street during the second quarter valued at about $256,000. Bollard Group LLC lifted its position in State Street by 6.0% in the 2nd quarter. Bollard Group LLC now owns 2,946 shares of the asset manager’s stock valued at $313,000 after acquiring an additional 167 shares in the last quarter. California Public Employees Retirement System boosted its stake in State Street by 2.6% during the 2nd quarter. California Public Employees Retirement System now owns 529,766 shares of the asset manager’s stock valued at $56,335,000 after purchasing an additional 13,250 shares during the last quarter. Federated Hermes Inc. increased its holdings in State Street by 4.3% during the 2nd quarter. Federated Hermes Inc. now owns 1,042,794 shares of the asset manager’s stock worth $110,891,000 after purchasing an additional 43,379 shares in the last quarter. Finally, Cresset Asset Management LLC raised its stake in shares of State Street by 40.1% in the second quarter. Cresset Asset Management LLC now owns 5,031 shares of the asset manager’s stock worth $535,000 after purchasing an additional 1,439 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Insider Activity

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

Analyst Ratings Changes

Several research analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. BMO Capital Markets initiated coverage on shares of State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target on the stock. Finally, Cowen restated a “buy” rating on shares of State Street in a report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $125.92.

State Street Trading Up 2.0%

NYSE STT opened at $128.72 on Thursday. The business’s fifty day moving average is $117.08 and its 200-day moving average is $111.26. 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 stock has a market capitalization of $35.95 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 1.17 and a beta of 1.44. State Street Corporation has a one year low of $72.81 and a one year high of $128.93.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.26 earnings per share. Equities research analysts predict 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.