The recent news around State Street Co. (NYSE:STT) broadly suggest a moderate movement in its stock price. This includes a consensus recommendation of “Hold” by brokerages and analysts setting an average price target of $84.04. State Street's earnings are expected to grow, with the corporation announcing authorization to purchase up to $1.7 billion of its common stock. However, State Street's shares have underperformed compared to the S&P500 by 14% YTD. A series of acquisitions and sales announcements signal diverse market activity.
A Vice Chairman and CFO sold roughly 12,000 shares, while Royal London Asset Management Ltd and Peapack Gladstone Financial Corp sold their shares. Contrarily, shares of State Street were purchased by entities like Vinva Investment Management Ltd and the Public Employees Retirement Association of Colorado.
The corporation's dividends have been praised, with Tower Research Capital LLC TRC and Allianz Asset Management acquiring significant positions. Other key business moves include State Street Corporation's exploration to purchase SocGen's custody business and the completion of the CF Global Trading acquisition. Their partnership with diverse firms for underwriting $1 billion of senior debt also marks a significant venture.
State Street Corporation STT News Analytics from Mon, 11 Sep 2023 07:00:00 GMT to Sun, 09 Jun 2024 14:49:47 GMT - Innovation 5
