Allianz Asset Management GmbH Reduces Holdings in State Street Corporation $STT

Key Points

• Allianz Asset Management GmbH decreased its stake in State Street Corporation (NYSE:STT) by 4.1% in Q2, selling 24,275 shares and holding 561,777 shares worth approximately $59.7 million.
• Analysts have recently upgraded State Street's stock rating, with Citigroup raising its price target from $115 to $130, while Zacks upgraded it to a strong-buy rating.
• State Street's Q3 earnings showed a significant increase, reporting $2.78 earnings per share, exceeding expectations and marking an 8.8% year-over-year revenue growth.

Allianz Asset Management GmbH trimmed its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 4.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 561,777 shares of the asset manager's stock after selling 24,275 shares during the quarter. Allianz Asset Management GmbH owned 0.20% of State Street worth $59,739,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Bridges Investment Management Inc. lifted its position in shares of State Street by 1.6% during the second quarter. Bridges Investment Management Inc. now owns 32,796 shares of the asset manager's stock worth $3,488,000 after purchasing an additional 531 shares during the last quarter. New York State Teachers Retirement System lifted its position in shares of State Street by 0.8% during the second quarter. New York State Teachers Retirement System now owns 285,535 shares of the asset manager's stock worth $30,364,000 after purchasing an additional 2,202 shares during the last quarter. Mutual Advisors LLC bought a new stake in shares of State Street during the second quarter worth $244,000. Generali Asset Management SPA SGR lifted its position in shares of State Street by 2,483.7% during the second quarter. Generali Asset Management SPA SGR now owns 26,018 shares of the asset manager's stock worth $2,767,000 after purchasing an additional 25,011 shares during the last quarter. Finally, Harbour Investments Inc. lifted its position in shares of State Street by 11.7% during the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager's stock worth $108,000 after purchasing an additional 106 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on STT shares. TD Cowen started coverage on State Street in a research report on Thursday, September 25th. They set a "buy" rating for the company. Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $115.00 to $130.00 in a report on Friday, September 5th. Evercore ISI lifted their price objective on State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Truist Financial lifted their price objective on State Street from $125.00 to $133.00 and gave the company a "buy" rating in a report on Thursday, October 2nd. Finally, Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a report on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.83.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

State Street Price Performance

Shares of STT stock opened at $111.27 on Friday. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24. The firm has a market capitalization of $31.57 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.16 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The stock's 50-day simple moving average is $113.60 and its 200-day simple moving average is $103.04.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts' consensus estimates of $2.57 by $0.21. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the previous year, the firm earned $2.26 earnings per share. The company's revenue was up 8.8% on a year-over-year basis. As a group, equities analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Company 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.

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