Morningstar Investment Management LLC Purchases New Holdings in State Street Corporation $STT

Key Points

• Morningstar Investment Management LLC acquired 3,559 shares of State Street Corporation, valued at approximately $378,000, during the second quarter.
• State Street recently reported an EPS of $2.53 for its last quarter, exceeding analysts' expectations of $2.36 and reflecting a year-over-year revenue growth of 2.9%.
• Analysts have upgraded their target price for State Street from $109 to $130, with an average target price of around $122.83 and a consensus rating of "Moderate Buy."

Morningstar Investment Management LLC purchased a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 3,559 shares of the asset manager's stock, valued at approximately $378,000.

Other large investors also recently bought and sold shares of the company. First Pacific Financial purchased a new position in State Street during the 1st quarter valued at about $25,000. Capital Analysts LLC lifted its position in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after acquiring an additional 274 shares during the period. Larson Financial Group LLC lifted its position in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after acquiring an additional 118 shares during the period. Golden State Wealth Management LLC raised its holdings in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in State Street in the first quarter worth about $46,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Performance

Shares of STT stock opened at $115.39 on Wednesday. The company has a 50 day moving average price of $113.42 and a 200-day moving average price of $102.63. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $118.24. The firm has a market capitalization of $32.74 billion, a PE ratio of 12.92, a P/E/G ratio of 1.17 and a beta of 1.46. 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 (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period in the previous year, the business posted $2.15 earnings per share. The business's revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on STT. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of State Street in a report on Wednesday, October 8th. TD Cowen began coverage on shares of State Street in a report on Thursday, September 25th. They issued a "buy" rating for the company. The Goldman Sachs Group lifted their target price on shares of State Street from $109.00 to $130.00 and gave the stock a "buy" rating in a report on Monday, October 6th. Finally, BMO Capital Markets began coverage on shares of State Street in a report on Friday, October 3rd. They issued an "outperform" rating and a $130.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $122.83.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly 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 filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.29% of the company's stock.

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.

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.