State Street Corporation $STT Holdings Boosted by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of State Street Corporation (NYSE:STT) by 14.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,306 shares of the asset manager’s stock after buying an additional 4,306 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in State Street were worth $3,648,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Analysts LLC boosted its position in shares of State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after buying an additional 274 shares during the period. Larson Financial Group LLC boosted its position in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after buying an additional 118 shares during the period. Golden State Wealth Management LLC boosted its position in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after buying an additional 310 shares during the period. Zions Bancorporation National Association UT acquired a new position in shares of State Street during the first quarter worth approximately $46,000. Finally, Wayfinding Financial LLC acquired a new position in shares of State Street during the first quarter worth approximately $49,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

NYSE STT opened at $117.05 on Tuesday. The stock has a market capitalization of $33.21 billion, a P/E ratio of 12.39, a P/E/G ratio of 1.23 and a beta of 1.46. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $118.30. The business’s fifty day moving average is $114.04 and its two-hundred day moving average is $104.84. 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 posted 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 analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.26 earnings per share. On average, research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. BMO Capital Markets assumed coverage on State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Evercore ISI boosted their target price on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Finally, Truist Financial dropped their target price on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a report on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and an average target price 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.