Allianz Asset Management GmbH Reduces Stake in State Street Corporation $STT

Allianz Asset Management GmbH lowered its position in State Street Corporation (NYSE:STT) by 4.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 561,777 shares of the asset manager’s stock after selling 24,275 shares during the period. Allianz Asset Management GmbH’s holdings in State Street were worth $59,739,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Invesco Ltd. boosted its position in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after buying an additional 674,120 shares during the last quarter. Northern Trust Corp lifted its holdings in State Street by 2.8% in the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock valued at $381,770,000 after acquiring an additional 115,751 shares during the period. Dimensional Fund Advisors LP lifted its holdings in State Street by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock valued at $274,732,000 after acquiring an additional 14,011 shares during the period. Eastern Bank lifted its holdings in State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after acquiring an additional 2,947,153 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in State Street by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager’s stock valued at $242,932,000 after acquiring an additional 49,353 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction dated 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

STT has been the subject of a number of analyst reports. Morgan Stanley reissued an “overweight” rating and issued a $162.00 price target on shares of State Street in a report on Monday, September 29th. TD Cowen began coverage on State Street in a research report on Thursday, September 25th. They set a “buy” rating on the stock. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Bank of America increased their price objective on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Finally, Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.83.

State Street Stock Performance

NYSE STT opened at $111.27 on Friday. The stock has a market cap of $31.57 billion, a PE ratio of 12.46, a P/E/G ratio of 1.16 and a beta of 1.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $118.24. The stock has a fifty day simple moving average of $113.60 and a 200-day simple moving average of $103.04.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The business 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 company’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.26 EPS. Equities analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

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.