IQ EQ FUND MANAGEMENT IRELAND Ltd Increases Stock Position in State Street Corporation $STT

IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of State Street Corporation (NYSE:STT) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,703 shares of the asset manager’s stock after buying an additional 173 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in State Street were worth $1,776,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in State Street by 12.6% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,616 shares of the asset manager’s stock worth $3,894,000 after buying an additional 4,100 shares in the last quarter. Guinness Asset Management LTD boosted its holdings in State Street by 2.4% during the second quarter. Guinness Asset Management LTD now owns 7,214 shares of the asset manager’s stock worth $767,000 after buying an additional 167 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in State Street by 14.4% during the second quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 34,306 shares of the asset manager’s stock worth $3,648,000 after acquiring an additional 4,306 shares during the period. Envestnet Asset Management Inc. raised its position in State Street by 4.5% during the second quarter. Envestnet Asset Management Inc. now owns 240,002 shares of the asset manager’s stock worth $25,522,000 after acquiring an additional 10,351 shares during the period. Finally, Wealthfront Advisers LLC raised its position in State Street by 32.0% during the second quarter. Wealthfront Advisers LLC now owns 67,897 shares of the asset manager’s stock worth $7,220,000 after acquiring an additional 16,477 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Up 1.4%

Shares of STT opened at $118.63 on Wednesday. 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 12-month low of $72.81 and a 12-month high of $118.98. The firm has a 50-day moving average price of $114.19 and a 200 day moving average price of $105.11. The firm has a market capitalization of $33.66 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.24 and a beta of 1.46.

State Street (NYSE:STT) last announced its quarterly earnings data 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 firm had revenue of $13 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the prior year, the firm posted $2.26 earnings per share. State Street’s quarterly revenue was up 8.8% on a year-over-year basis. Sell-side analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STT. TD Cowen began coverage on shares of State Street in a research report on Thursday, September 25th. They set a “buy” rating for the company. Keefe, Bruyette & Woods upped their price objective on shares of State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. The Goldman Sachs Group upped their price objective on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. BMO Capital Markets began coverage on shares of State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price objective for the company. Finally, Truist Financial reduced their price objective on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $125.92.

State Street 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.