AlphaQuest LLC Sells 968 Shares of State Street Corporation $STT

AlphaQuest LLC cut its stake in State Street Corporation (NYSE:STT) by 12.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,757 shares of the asset manager’s stock after selling 968 shares during the period. AlphaQuest LLC’s holdings in State Street were worth $719,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of STT. Eastern Bank raised its stake in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after acquiring an additional 2,947,153 shares during the last quarter. Nuveen LLC bought a new position in shares of State Street in the first quarter worth about $93,016,000. Invesco Ltd. raised its stake in shares of 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 acquiring an additional 674,120 shares during the last quarter. Miller Howard Investments Inc. NY bought a new position in shares of State Street in the first quarter worth about $42,504,000. Finally, Allianz Asset Management GmbH raised its stake in shares of 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 acquiring an additional 469,936 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on STT shares. Bank of America lifted their price target on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 16th. TD Cowen started coverage on shares of State Street in a research report on Thursday, September 25th. They set a “buy” rating for the company. The Goldman Sachs Group lifted their price target on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Wells Fargo & Company lifted their price target on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Two investment 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Stock Up 0.8%

State Street stock opened at $117.05 on Tuesday. The stock has a market capitalization of $33.21 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.23 and a beta of 1.46. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $118.30. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company has a 50 day moving average of $114.04 and a 200-day moving average of $104.84.

State Street (NYSE:STT) last announced its earnings results on Friday, October 17th. The asset manager reported $2.78 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 during the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the prior year, the company posted $2.26 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. On average, equities research analysts anticipate that State Street Corporation will post 9.68 EPS 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. 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.