Denali Advisors LLC Grows Holdings in State Street Corporation $STT

Denali Advisors LLC raised its position in State Street Corporation (NYSE:STT) by 22.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,331 shares of the asset manager’s stock after purchasing an additional 1,900 shares during the period. Denali Advisors LLC’s holdings in State Street were worth $1,099,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of STT. First Pacific Financial acquired a new position in shares of State Street during the 1st quarter valued at about $25,000. Capital Analysts LLC increased its stake in shares of 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 last quarter. Larson Financial Group LLC increased its stake in shares of 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 last quarter. Golden State Wealth Management LLC increased its stake in shares of State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after acquiring an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in shares of State Street during the 1st quarter valued at about $46,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Down 1.1%

Shares of NYSE:STT opened at $113.15 on Thursday. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24. The company has a 50 day moving average of $113.80 and a two-hundred day moving average of $103.69. The company has a market capitalization of $32.10 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 1.22 and a beta of 1.46.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter last year, the company earned $2.26 earnings per share. State Street’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Truist Financial dropped their price objective on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Monday. 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 target price for the company. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Finally, Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and increased their target price for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $125.42.

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.