State Street Corporation $STT Stock Holdings Reduced by Delta Investment Management LLC

Delta Investment Management LLC lowered its position in State Street Corporation (NYSE:STT) by 7.4% during the second quarter, HoldingsChannel.com reports. The firm owned 3,382 shares of the asset manager’s stock after selling 270 shares during the quarter. Delta Investment Management LLC’s holdings in State Street were worth $360,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. Eastern Bank grew its stake in State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Nuveen LLC bought a new stake in State Street in the first quarter worth $93,016,000. Invesco Ltd. boosted its holdings in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after purchasing an additional 674,120 shares in the last quarter. Miller Howard Investments Inc. NY bought a new stake in State Street in the first quarter worth $42,504,000. Finally, Allianz Asset Management GmbH boosted its holdings in State Street by 404.7% in the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock worth $52,469,000 after purchasing an additional 469,936 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.3%

Shares of NYSE:STT opened at $116.08 on Monday. The company has a market cap of $32.93 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.23 and a beta of 1.46. The stock’s 50-day moving average is $113.92 and its 200-day moving average is $104.59. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. The company had revenue of $13 billion for the quarter, compared to the consensus estimate of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the business posted $2.26 earnings per share. Equities research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Cowen reiterated a “buy” rating on shares of State Street in a report on Tuesday, October 21st. Morgan Stanley upped their price objective on shares of State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. BMO Capital Markets assumed coverage on shares of State Street in a report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective for the company. Cfra Research upgraded shares of State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Finally, Truist Financial decreased their price objective on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and an average price target of $125.92.

About State Street

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.