TD Asset Management Inc Lowers Position in State Street Corporation $STT

Key Points

• TD Asset Management Inc has decreased its stake in State Street Corporation (NYSE:STT) by 3.4%, now holding 118,102 shares worth approximately $12.56 million.
• State Street's recent quarterly earnings report showed an EPS of $2.78, exceeding analysts' expectations of $2.57, with revenue of $13 billion for the quarter.
• Analysts have issued favorable ratings for State Street, with price targets increasing up to $162.00, suggesting strong investor confidence in the company.

TD Asset Management Inc lessened its stake in State Street Corporation (NYSE:STT - Free Report) by 3.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 118,102 shares of the asset manager's stock after selling 4,149 shares during the quarter. TD Asset Management Inc's holdings in State Street were worth $12,559,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of STT. First Pacific Financial purchased a new stake in State Street during the first quarter valued at $25,000. Capital Analysts LLC raised 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 valued at $25,000 after purchasing an additional 274 shares in the last quarter. Larson Financial Group LLC raised its stake in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares in the last quarter. Golden State Wealth Management LLC raised its stake in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after purchasing an additional 310 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in State Street during the first quarter valued at $46,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Trading Down 1.5%

NYSE STT opened at $111.27 on Friday. The company's 50-day moving average price is $113.60 and its 200-day moving average price is $103.13. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $31.57 billion, a PE ratio of 11.77, a PEG ratio of 1.14 and a beta of 1.46. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $118.24.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts' consensus estimates of $2.57 by $0.21. The firm had revenue of $13 billion for the quarter, compared to analysts' expectations of $3.43 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business's revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.26 earnings per share. Equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on STT shares. Wells Fargo & Company upped their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial upped their price target on shares of State Street from $125.00 to $133.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Morgan Stanley reaffirmed an "overweight" rating and set a $162.00 price target on shares of State Street in a research note on Monday, September 29th. The Goldman Sachs Group upped their price target 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. Finally, Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $122.83.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

State Street 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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