Freedom Investment Management Inc. Cuts Position in State Street Corporation $STT

Freedom Investment Management Inc. lessened its holdings in State Street Corporation (NYSE:STT) by 14.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 3,174 shares of the asset manager’s stock after selling 517 shares during the quarter. Freedom Investment Management Inc.’s holdings in State Street were worth $338,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Analysts LLC boosted its stake in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after buying an additional 274 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after buying an additional 118 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after buying an additional 310 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of State Street in the 1st quarter worth approximately $46,000. Finally, Wayfinding Financial LLC purchased a new position in shares of State Street in the 1st quarter worth approximately $49,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.3%

Shares of STT stock opened at $116.08 on Monday. The company’s fifty day simple moving average is $113.92 and its two-hundred day simple moving average is $104.59. 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 1 year low of $72.81 and a 1 year high of $118.24. The stock has a market capitalization of $32.93 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 1.23 and a beta of 1.46.

State Street (NYSE:STT) last issued its earnings results 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 business had revenue of $13 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the previous year, the firm posted $2.26 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on STT shares. Wells Fargo & Company upped their price objective on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Bank of America upped 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. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. TD Cowen started coverage on State Street in a research note on Thursday, September 25th. They issued a “buy” rating on the stock. Finally, Cowen reiterated a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Two 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.92.

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.