Allspring Global Investments Holdings LLC Sells 18,342 Shares of State Street Corporation $STT

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in State Street Corporation by 59.7% in Q2, selling 18,342 shares and ending the quarter with 12,368 shares worth $1,323,000.
• Several analysts have recently raised their price targets for State Street, with Bank of America increasing its target from $106 to $109 while maintaining a rating of "underperform," and Morgan Stanley lifting its target from $162 to $165 with an "overweight" rating.
• State Street reported earnings of $2.78 EPS for the last quarter, surpassing estimates, with a revenue of $13 billion, reflecting an 8.8% increase compared to the same quarter last year.

Allspring Global Investments Holdings LLC cut its holdings in State Street Corporation (NYSE:STT - Free Report) by 59.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,368 shares of the asset manager's stock after selling 18,342 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in State Street were worth $1,323,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. First Pacific Financial purchased a new stake in shares of State Street during the 1st quarter worth $25,000. Capital Analysts LLC boosted its stake in 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 last quarter. Larson Financial Group LLC increased its holdings in shares of State Street by 40.8% during the 1st 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 last quarter. Golden State Wealth Management LLC grew its holdings in shares of State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after purchasing an additional 310 shares during the period. Finally, Zions Bancorporation National Association UT acquired a new position in State Street in the first quarter valued at about $46,000. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

STT has been the subject of several research analyst reports. Bank of America raised their price target on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Morgan Stanley raised their price target on shares of State Street from $162.00 to $165.00 and gave the company an "overweight" rating in a research report on Monday. Keefe, Bruyette & Woods lifted their target price on State Street from $132.00 to $135.00 and gave the company an "outperform" rating in a report on Monday. Wells Fargo & Company boosted their price objective on State Street from $121.00 to $129.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Evercore ISI increased their price objective on shares of State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a research report on Tuesday, September 30th. Two research 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 issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $125.42.

State Street Price Performance

Shares of STT opened at $113.15 on Thursday. The stock has a market cap of $32.10 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 1.22 and a beta of 1.46. 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 Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24. The firm's 50-day simple moving average is $113.80 and its two-hundred day simple moving average is $103.69.

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 the consensus estimate of $2.57 by $0.21. The business had revenue of $13 billion for the quarter, compared to analysts' expectations of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company's revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.26 EPS. Analysts anticipate that State Street Corporation will post 9.68 earnings per share 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.

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