OVERSEA CHINESE BANKING Corp Ltd Purchases 4,306 Shares of State Street Corporation $STT

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in State Street Corporation (NYSE:STT) by 14.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,306 shares of the asset manager’s stock after buying an additional 4,306 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in State Street were worth $3,648,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in STT. Brighton Jones LLC bought a new stake in shares of State Street in the fourth quarter valued at about $296,000. GAMMA Investing LLC lifted its stake in shares of State Street by 14.7% in the first quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager’s stock valued at $329,000 after buying an additional 472 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after buying an additional 310 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of State Street by 2.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock valued at $395,000 after buying an additional 118 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of State Street by 127.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock valued at $2,728,000 after buying an additional 17,201 shares during the period. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. TD Cowen began coverage on shares of State Street in a research note on Thursday, September 25th. They set a “buy” rating for the company. BMO Capital Markets began coverage on shares of State Street in a research note on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target for the company. Evercore ISI raised their price target on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Finally, Cowen restated a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Stock Performance

NYSE STT opened at $117.05 on Tuesday. The firm has a market cap of $33.21 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.23 and a beta of 1.46. The company has a 50 day moving average of $114.04 and a 200-day moving average of $104.84. 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 1-year low of $72.81 and a 1-year high of $118.30.

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

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.