TD Asset Management Inc Sells 4,149 Shares of State Street Corporation $STT

TD Asset Management Inc trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 3.4% during the 2nd quarter, Holdings Channel reports. The fund owned 118,102 shares of the asset manager’s stock after selling 4,149 shares during the period. TD Asset Management Inc’s holdings in State Street were worth $12,559,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Assetmark Inc. grew its holdings in State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock worth $84,000 after acquiring an additional 357 shares in the last quarter. Principal Financial Group Inc. grew its holdings in State Street by 1.6% during 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 in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in State Street by 127.3% during 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 in the last quarter. Index Fund Advisors Inc. bought a new position in State Street during the 1st quarter worth about $505,000. Finally, Bank of New York Mellon Corp grew its holdings in State Street by 6.0% during 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 in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm’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 transaction, the executive vice president directly owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

State Street Price Performance

Shares of STT opened at $111.27 on Friday. The firm has a market capitalization of $31.57 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.24. The company’s fifty day moving average price is $113.60 and its 200-day moving average price is $103.13.

State Street (NYSE:STT) last announced its quarterly earnings data 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. The firm had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.26 earnings per share. On average, equities research analysts predict that State Street Corporation will post 9.68 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and set a $162.00 target price on shares of State Street in a report on Monday, September 29th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. BMO Capital Markets initiated coverage on shares of State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target for the company. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Finally, Citigroup raised shares of 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 research report on Friday, September 5th. Two equities 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $122.83.

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.