Chicago Partners Investment Group LLC Raises Holdings in State Street Corporation $STT

Chicago Partners Investment Group LLC lifted its holdings in State Street Corporation (NYSE:STT) by 55.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,525 shares of the asset manager’s stock after acquiring an additional 1,253 shares during the period. Chicago Partners Investment Group LLC’s holdings in State Street were worth $390,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. lifted its holdings in shares of State Street by 61.9% in the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock valued at $84,000 after acquiring an additional 357 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock valued at $30,387,000 after acquiring an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock valued at $2,728,000 after acquiring an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. bought a new position in shares of State Street in the 1st quarter valued at about $505,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of State Street by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager’s stock valued at $195,764,000 after acquiring an additional 123,259 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on STT shares. Keefe, Bruyette & Woods increased their price target on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday. Bank of America increased their price target on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a report on Wednesday, July 16th. Cowen reaffirmed a “buy” rating on shares of State Street in a report on Tuesday. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. 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 research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $125.42.

State Street Stock Performance

Shares of STT stock opened at $114.65 on Friday. The company’s 50 day moving average is $113.82 and its 200 day moving average is $103.95. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24. The firm has a market cap of $32.53 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.20 and a beta of 1.46.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same period in the previous year, the company earned $2.26 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, sell-side analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

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.