State Street Corporation $STT Position Reduced by Delta Investment Management LLC

Delta Investment Management LLC decreased its position in shares of State Street Corporation (NYSE:STT) by 7.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,382 shares of the asset manager’s stock after selling 270 shares during the period. Delta Investment Management LLC’s holdings in State Street were worth $360,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. raised its holdings 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 purchasing an additional 674,120 shares in the last quarter. Northern Trust Corp raised its holdings in State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after purchasing an additional 115,751 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in State Street by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after purchasing an additional 14,011 shares in the last quarter. Eastern Bank raised its holdings in 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 purchasing an additional 2,947,153 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in State Street by 1.9% during 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 worth $242,932,000 after purchasing an additional 49,353 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.3%

NYSE:STT opened at $116.08 on Monday. The stock has a market cap of $32.93 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 1.23 and a beta of 1.46. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The stock’s 50-day moving average is $113.92 and its two-hundred day moving average is $104.59.

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

Analysts Set New Price Targets

Several research firms have issued reports on STT. Morgan Stanley upped their price target on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Cowen reaffirmed a “buy” rating on shares of State Street in a report on Tuesday, October 21st. TD Cowen began coverage on State Street in a report on Thursday, September 25th. They issued a “buy” rating on the stock. Keefe, Bruyette & Woods upped their price target on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Two equities 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 given 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 target price of $125.92.

About State Street

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.