Twin Capital Management Inc. Has $2.64 Million Stake in State Street Corporation $STT

Twin Capital Management Inc. grew its stake in shares of State Street Corporation (NYSE:STT) by 2.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 24,805 shares of the asset manager’s stock after purchasing an additional 640 shares during the period. Twin Capital Management Inc.’s holdings in State Street were worth $2,638,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of STT. Achmea Investment Management B.V. raised its position in State Street by 3.8% in the 2nd quarter. Achmea Investment Management B.V. now owns 246,361 shares of the asset manager’s stock valued at $26,198,000 after buying an additional 9,101 shares during the last quarter. Sienna Gestion grew its stake in shares of State Street by 10.0% in the 2nd quarter. Sienna Gestion now owns 91,956 shares of the asset manager’s stock worth $8,928,000 after acquiring an additional 8,382 shares in the last quarter. Andra AP fonden raised its holdings in shares of State Street by 97.2% in the second quarter. Andra AP fonden now owns 20,900 shares of the asset manager’s stock valued at $2,223,000 after purchasing an additional 10,300 shares during the last quarter. Ethos Financial Group LLC purchased a new stake in shares of State Street in the second quarter valued at about $282,000. Finally, Resona Asset Management Co. Ltd. lifted its position in shares of State Street by 5.8% during the second quarter. Resona Asset Management Co. Ltd. now owns 98,542 shares of the asset manager’s stock valued at $10,474,000 after purchasing an additional 5,436 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $116.81 on Thursday. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03. The stock has a fifty day simple moving average of $114.44 and a two-hundred day simple moving average of $106.60. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $119.33. The firm has a market cap of $33.14 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 1.24 and a beta of 1.46.

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

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president owned 38,626 shares of the company’s stock, valued at $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Bank of America upped their price objective 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. BMO Capital Markets initiated coverage on State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target for the company. Keefe, Bruyette & Woods lifted their price target on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 20th. Cowen restated a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Finally, Truist Financial lowered their target price on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $125.92.

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.