Generali Asset Management SPA SGR Increases Stock Holdings in State Street Corporation $STT

Key Points

• Generali Asset Management SPA SGR increased its holdings in State Street Corporation by 2,483.7% during the 2nd quarter, owning 26,018 shares worth approximately $2.77 million.
• State Street stock has received multiple positive ratings from analysts, including a "buy" rating from TD Cowen and an upgraded price target from Evercore ISI from $117 to $128.
• The company reported $2.53 EPS for its last quarter, surpassing the expectation of $2.36, and achieved a revenue of $3.47 billion, exceeding estimated expectations of $3.33 billion.

Generali Asset Management SPA SGR increased its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 2,483.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,018 shares of the asset manager's stock after buying an additional 25,011 shares during the quarter. Generali Asset Management SPA SGR's holdings in State Street were worth $2,767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Harbour Investments Inc. grew its stake in State Street by 11.7% during the 2nd quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager's stock worth $108,000 after buying an additional 106 shares during the last quarter. Sagespring Wealth Partners LLC purchased a new position in State Street during the 2nd quarter worth $303,000. Morningstar Investment Management LLC purchased a new position in State Street during the 2nd quarter worth $378,000. NorthRock Partners LLC grew its stake in State Street by 9.3% during the 2nd quarter. NorthRock Partners LLC now owns 3,435 shares of the asset manager's stock worth $365,000 after buying an additional 292 shares during the last quarter. Finally, Verdence Capital Advisors LLC grew its stake in State Street by 168.2% during the 2nd quarter. Verdence Capital Advisors LLC now owns 7,338 shares of the asset manager's stock worth $780,000 after buying an additional 4,602 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

STT has been the topic of several research analyst reports. TD Cowen initiated coverage on State Street in a research note on Thursday, September 25th. They set a "buy" rating on the stock. Evercore ISI boosted their price target on State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of State Street in a research note on Wednesday, October 8th. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Finally, Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and boosted their price target for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and a consensus target price of $122.83.

State Street Stock Performance

Shares of STT stock opened at $112.87 on Friday. The stock has a market cap of $32.02 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.46. The business has a 50-day simple moving average of $113.60 and a 200-day simple moving average of $102.88. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.15 EPS. On average, equities analysts expect that State Street Corporation will post 9.68 EPS for the current year.

Insider Activity

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 value of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.

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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