SRS Capital Advisors Inc. acquired a new stake in shares of State Street Corp (NYSE:STT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 3,093 shares of the asset manager’s stock, valued at approximately $173,000.
A number of other institutional investors also recently modified their holdings of STT. CWM LLC increased its position in State Street by 693.4% during the 2nd quarter. CWM LLC now owns 484 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 423 shares during the period. Harvest Group Wealth Management LLC purchased a new position in State Street during the 1st quarter valued at $28,000. Putnam FL Investment Management Co. purchased a new position in State Street during the 2nd quarter valued at $28,000. Zions Bancorporation N.A. purchased a new position in State Street during the 1st quarter valued at $40,000. Finally, NuWave Investment Management LLC increased its position in State Street by 50.8% during the 2nd quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock valued at $42,000 after purchasing an additional 250 shares during the period. 88.42% of the stock is currently owned by institutional investors and hedge funds.
STT has been the topic of a number of research analyst reports. ValuEngine downgraded shares of State Street from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Bank of America reaffirmed a “buy” rating and issued a $65.00 target price (down from $75.00) on shares of State Street in a research report on Thursday, June 6th. Zacks Investment Research downgraded shares of State Street from a “hold” rating to a “sell” rating and set a $59.00 target price on the stock. in a research report on Tuesday, June 4th. Raymond James upped their target price on shares of State Street from $68.00 to $72.00 and gave the stock a “strong-buy” rating in a research report on Monday, July 22nd. Finally, Deutsche Bank reduced their target price on shares of State Street from $55.00 to $53.00 and set a “hold” rating on the stock in a research report on Wednesday, August 21st. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $67.75.
State Street stock traded up $1.40 during mid-day trading on Thursday, reaching $51.21. The stock had a trading volume of 58,954 shares, compared to its average volume of 3,053,809. The company has a market capitalization of $18.56 billion, a price-to-earnings ratio of 7.08, a PEG ratio of 0.81 and a beta of 1.43. The company has a 50-day moving average price of $54.45 and a two-hundred day moving average price of $61.84. State Street Corp has a one year low of $48.62 and a one year high of $90.20. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.48 and a quick ratio of 0.48.
State Street (NYSE:STT) last announced its quarterly earnings results on Friday, July 19th. The asset manager reported $1.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.05. The company had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a net margin of 17.66% and a return on equity of 12.13%. State Street’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.05 EPS. On average, equities research analysts anticipate that State Street Corp will post 5.73 earnings per share for the current fiscal year.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; 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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