Brookstone Capital Management Has $879,000 Holdings in State Street Corporation $STT

Brookstone Capital Management lifted its position in shares of State Street Corporation (NYSE:STT) by 14.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 8,266 shares of the asset manager’s stock after purchasing an additional 1,044 shares during the quarter. Brookstone Capital Management’s holdings in State Street were worth $879,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of STT. Eastern Bank increased its position in shares of State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after buying an additional 2,947,153 shares during the period. Nuveen LLC acquired a new stake in shares of State Street during the first quarter worth $93,016,000. Invesco Ltd. boosted its stake in State Street by 9.0% during the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after acquiring an additional 674,120 shares in the last quarter. Miller Howard Investments Inc. NY bought a new position in State Street during the first quarter worth $42,504,000. Finally, Allianz Asset Management GmbH boosted its stake in State Street by 404.7% during the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock worth $52,469,000 after acquiring an additional 469,936 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Citigroup increased their target price on shares of State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company increased their target price on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Morgan Stanley increased their target price on shares of State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Truist Financial cut their target price on shares of State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research note on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $125.92.

State Street Stock Performance

Shares of STT stock opened at $116.08 on Friday. The firm has a 50-day moving average of $113.92 and a 200-day moving average of $104.44. The company has a market cap of $32.93 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.23 and a beta of 1.46. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a one year low of $72.81 and a one year high of $118.24.

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

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.