State Street Corporation $STT Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lessened its stake in State Street Corporation (NYSE:STT) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,707 shares of the asset manager’s stock after selling 840 shares during the quarter. Mutual of America Capital Management LLC’s holdings in State Street were worth $3,478,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assetmark Inc. increased its holdings in State Street by 61.9% in 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. increased its holdings in State Street by 1.6% in 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 increased its holdings in State Street by 127.3% in 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. purchased a new stake in State Street in the 1st quarter worth $505,000. Finally, Bank of New York Mellon Corp increased its holdings in State Street by 6.0% in 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. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.3%

Shares of STT opened at $114.65 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.24. The firm has a 50-day moving average price of $113.82 and a 200 day moving average price of $103.95. The firm has a market capitalization of $32.53 billion, a P/E ratio of 12.13, a P/E/G ratio of 1.20 and a beta of 1.46.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Morgan Stanley boosted their price target on shares of State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday. Evercore ISI boosted their price target on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Bank of America boosted their price target on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their target price on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday. Finally, BMO Capital Markets began coverage on shares of State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $125.42.

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.