Cubist Systematic Strategies LLC raised its stake in State Street Corporation (NYSE:STT) by 32.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,484 shares of the asset manager’s stock after purchasing an additional 1,817 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in State Street Corporation were worth $672,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Commonwealth Bank of Australia boosted its stake in shares of State Street Corporation by 5.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock worth $5,490,000 after acquiring an additional 3,365 shares during the period. Vanguard Group Inc. boosted its stake in shares of State Street Corporation by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after acquiring an additional 1,180,527 shares during the period. Delta Lloyd Asset Management N.V. bought a new position in shares of State Street Corporation during the 2nd quarter worth approximately $4,730,000. Pennsylvania Trust Co boosted its stake in shares of State Street Corporation by 6.5% during the 2nd quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock worth $361,000 after acquiring an additional 240 shares during the period. Finally, Arvest Bank Trust Division boosted its stake in shares of State Street Corporation by 1.1% during the 2nd quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock worth $17,754,000 after acquiring an additional 2,084 shares during the period. Hedge funds and other institutional investors own 87.68% of the company’s stock.
In related news, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $92.55, for a total value of $296,160.00. Following the sale, the insider now owns 39,896 shares in the company, valued at $3,692,374.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew Erickson sold 353 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the sale, the insider now owns 21,170 shares in the company, valued at approximately $1,969,021.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,814 shares of company stock worth $353,485. Company insiders own 0.71% of the company’s stock.
Several research analysts have recently commented on the company. Wells Fargo & Company assumed coverage on State Street Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price for the company. Barclays PLC lifted their target price on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $103.00 target price for the company in a research note on Wednesday, August 30th. Jefferies Group LLC reiterated a “hold” rating and set a $100.00 target price on shares of State Street Corporation in a research note on Friday, September 15th. Finally, Keefe, Bruyette & Woods reiterated an “underweight” rating on shares of State Street Corporation in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $97.07.
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Shares of State Street Corporation (NYSE:STT) traded down 1.30% during trading on Friday, reaching $93.51. The company’s stock had a trading volume of 1,778,191 shares. The stock has a 50-day moving average of $96.10 and a 200-day moving average of $89.73. The stock has a market cap of $34.97 billion, a P/E ratio of 17.27 and a beta of 1.31. State Street Corporation has a 52-week low of $69.49 and a 52-week high of $99.99.
State Street Corporation (NYSE:STT) last posted its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.10. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street Corporation had a return on equity of 13.03% and a net margin of 20.56%. The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.35 earnings per share. Analysts predict that State Street Corporation will post $6.26 earnings per share for the current fiscal year.
About State Street Corporation
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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