Beacon Financial Group Reduces Stake in State Street Co.

Beacon Financial Group has decreased its investment in State Street Co. (NYSE: STT) by 6.7% during the third quarter, according to HoldingsChannel. The reduction involved selling 297 shares, leaving Beacon with 4,159 shares. Following the sale, the firm's stake in the asset management company was valued at approximately $286,000.

Other Institutional Investors Alter Positions

Alongside Beacon Financial Group, other institutional investors have adjusted their holdings in State Street. The Texas Permanent School Fund Corp raised its stake by 8.1% during the second quarter, while Nordea Investment Management AB increased its position by 9.1%. BI Asset Management Fondsmaeglerselskab A S significantly boosted its shares by 148.5%, and Aviva PLC enlarged its ownership by 26.6% in the first quarter. Additionally, abrdn plc augmented its shares by 6.1%, reflecting a trend among hedge funds and institutional investors who collectively own 89.62% of State Street's stock.

State Street's Stock Market Performance

The company's shares opened at $77.19 with a market cap of $23.82 billion. It has a PE ratio of 11.27, a PEG ratio of 1.89, and a beta of 1.52. State Street's stocks have fluctuated between a low of $62.78 and a high of $94.74 over twelve months. Its moving average prices are $69.77 for 50 days and $70.29 for 200 days. With a current ratio of 0.51, a quick ratio of 0.51, and a debt-to-equity ratio of 0.86, the company's financials indicate its liquidity and debt management status.

Recent Earnings and Dividend Announcement

State Street reported quarterly earnings of $1.25 per share, falling short of the $1.79 consensus estimate and signaling a downturn in revenue compared to the previous year. Nevertheless, the company maintains a decent return on equity of 12.19% and a net margin of 14.07%. Looking ahead, analysts predict State Street's EPS to be 7.42 for the year. The firm also announced a quarterly dividend of $0.69 per share, to be dispensed in mid-January.

Analysts' Opinions on State Street

Analysts from various research firms have provided mixed reviews and price targets for State Street, with an overall consensus of 'Hold' and an average price target of $75.75. While some firms suggest an 'overweight' or 'buy' rating, indicating a positive outlook, others have lowered their price targets, suggesting more conservative expectations.

About State Street Corporation

State Street Corporation, together with its subsidiaries, caters to institutional investors with a wide range of financial products and services. These offerings include investment servicing, middle office products, trading services, securities finance, short-term investments, loans, operation outsourcing, and analytics. The company boasts a global reach, serving clients with comprehensive financial solutions.

Beacon, StateStreet, Investment