D.A. Davidson & CO. Acquires 6,208 Shares of State Street Corporation $STT

D.A. Davidson & CO. raised its holdings in State Street Corporation (NYSE:STT) by 5.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 130,842 shares of the asset manager’s stock after acquiring an additional 6,208 shares during the period. D.A. Davidson & CO.’s holdings in State Street were worth $13,914,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Pacific Financial bought a new position in State Street in the first quarter valued at about $25,000. Capital Analysts LLC grew its position in State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC grew its position in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 118 shares during the last quarter. Golden State Wealth Management LLC grew its position in 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 acquiring an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in State Street in the first quarter valued at about $46,000. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

State Street stock opened at $113.15 on Thursday. The stock’s 50 day moving average is $113.80 and its 200 day moving average is $103.69. 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 firm has a market cap of $32.10 billion, a P/E ratio of 11.97, a P/E/G ratio of 1.22 and a beta of 1.46. State Street Corporation has a one year low of $72.81 and a one year high of $118.24.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The company had revenue of $13 billion for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $2.26 earnings per share. As a group, research analysts expect that State Street Corporation will post 9.68 EPS for the current year.

Analyst Upgrades and Downgrades

STT has been the topic of a number of recent analyst reports. BMO Capital Markets initiated coverage on State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price on the stock. The Goldman Sachs Group raised their price objective on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 6th. Wells Fargo & Company raised their price objective on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday. TD Cowen started coverage on shares of State Street in a report on Thursday, September 25th. They issued a “buy” rating for the company. Finally, Evercore ISI raised their price objective on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $125.42.

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.