Ethic Inc. Sells 2,327 Shares of State Street Corporation $STT

Key Points

• Ethic Inc. reduced its holdings in State Street Corporation by 5.0%, selling 2,327 shares in the second quarter, leaving them with 44,139 shares worth approximately $4.68 million.
• Several institutional investors increased their stakes in State Street, including Assetmark Inc. with a 61.9% increase and Allspring Global Investments Holdings LLC with a 127.3% increase in their holdings during the first quarter.
• State Street reported earnings of $2.78 per share, exceeding analysts' expectations, and showed a revenue increase of 8.8% year-over-year.

Ethic Inc. lessened its holdings in State Street Corporation (NYSE:STT - Free Report) by 5.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,139 shares of the asset manager's stock after selling 2,327 shares during the period. Ethic Inc.'s holdings in State Street were worth $4,679,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Assetmark Inc. raised its holdings in shares of State Street by 61.9% in the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock worth $84,000 after acquiring an additional 357 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock worth $30,387,000 after acquiring an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after acquiring an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. acquired a new stake in shares of State Street in the 1st quarter worth about $505,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of State Street by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after acquiring an additional 123,259 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of State Street from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Monday. The Goldman Sachs Group increased their price objective on shares of State Street from $109.00 to $130.00 and gave the company a "buy" rating in a research note on Monday, October 6th. BMO Capital Markets initiated coverage on shares of State Street in a research note on Friday, October 3rd. They issued an "outperform" rating and a $130.00 price objective for the company. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of State Street in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, State Street currently has an average rating of "Moderate Buy" and an average target price of $125.42.

State Street Stock Up 1.3%

State Street stock opened at $114.65 on Friday. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $118.24. The firm has a 50 day moving average price of $113.82 and a 200-day moving average price of $103.95. The company has a market capitalization of $32.53 billion, a P/E ratio of 12.13, a P/E/G ratio of 1.20 and a beta of 1.46. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating analysts' consensus estimates of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the prior year, the firm earned $2.26 EPS. The company's revenue was up 8.8% compared to the same quarter last year. As a group, equities analysts predict that State Street Corporation will post 9.68 EPS for the current 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.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.