State Street Corporation $STT Shares Acquired by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB increased its stake in State Street Corporation by 2.2%, owning approximately 2.3 million shares valued at $241.9 million, as per its SEC filing.
• State Street's recent earnings report revealed $2.78 earnings per share, surpassing estimates, and a revenue of $13 billion, indicating an 8.8% year-over-year increase.
• Brokerages have a positive outlook on State Street, with several raising their ratings and price targets, including Citigroup, which upgraded it to a “buy” with a target of $130.

Nordea Investment Management AB raised its position in shares of State Street Corporation (NYSE:STT - Free Report) by 2.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,273,567 shares of the asset manager's stock after acquiring an additional 49,475 shares during the quarter. Nordea Investment Management AB owned approximately 0.80% of State Street worth $241,862,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Assetmark Inc. raised its holdings in shares of State Street by 61.9% during the first quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock valued at $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% during the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $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% during the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after acquiring an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. acquired a new position in shares of State Street during the first quarter valued at approximately $505,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of State Street by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock valued at $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.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on STT. Weiss Ratings reissued a "buy (b)" rating on shares of State Street in a report on Wednesday, October 8th. Citigroup raised State Street from a "neutral" rating to a "buy" rating and increased their price target for the company from $115.00 to $130.00 in a report on Friday, September 5th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Truist Financial increased their price target on State Street from $125.00 to $133.00 and gave the company a "buy" rating in a report on Thursday, October 2nd. Finally, TD Cowen began coverage on State Street in a report on Thursday, September 25th. They issued a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, State Street has an average rating of "Moderate Buy" and a consensus target price of $122.83.

State Street Price Performance

STT stock opened at $111.27 on Friday. The business has a fifty day moving average of $113.60 and a two-hundred day moving average of $103.04. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $31.57 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.16 and a beta of 1.46. 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 posted its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. The company had revenue of $13 billion during the quarter, compared to analysts' expectations of $3.43 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.26 earnings per share. As a group, research analysts anticipate that State Street Corporation will post 9.68 earnings per share 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.

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