First Hawaiian Bank bought a new stake in State Street Corp (NYSE:STT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,779 shares of the asset manager’s stock, valued at approximately $1,406,000.
A number of other large investors also recently added to or reduced their stakes in STT. Robeco Institutional Asset Management B.V. lifted its stake in State Street by 36.3% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,152,298 shares of the asset manager’s stock valued at $107,278,000 after buying an additional 306,935 shares during the period. Vulcan Value Partners LLC lifted its stake in State Street by 4.3% in the second quarter. Vulcan Value Partners LLC now owns 4,952,036 shares of the asset manager’s stock valued at $460,985,000 after buying an additional 205,964 shares during the period. Summit Trail Advisors LLC lifted its stake in State Street by 10,090.2% in the first quarter. Summit Trail Advisors LLC now owns 171,094 shares of the asset manager’s stock valued at $171,000 after buying an additional 169,415 shares during the period. Royal London Asset Management Ltd. acquired a new position in State Street in the second quarter valued at about $15,422,000. Finally, Cooke & Bieler LP lifted its stake in State Street by 14.4% in the second quarter. Cooke & Bieler LP now owns 1,287,145 shares of the asset manager’s stock valued at $119,820,000 after buying an additional 162,473 shares during the period. 86.73% of the stock is currently owned by hedge funds and other institutional investors.
Shares of State Street stock opened at $79.70 on Friday. State Street Corp has a 1 year low of $79.46 and a 1 year high of $114.27. The stock has a market capitalization of $30.65 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.00 and a beta of 1.22. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.54.
State Street (NYSE:STT) last announced its quarterly earnings results on Friday, July 20th. The asset manager reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.01 by ($0.13). State Street had a return on equity of 14.98% and a net margin of 19.56%. The business had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the company earned $1.67 earnings per share. The firm’s revenue was up 7.7% compared to the same quarter last year. On average, research analysts predict that State Street Corp will post 7.66 EPS for the current fiscal year.
STT has been the topic of several analyst reports. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $109.00 to $115.00 in a research note on Tuesday, September 4th. Wells Fargo & Co set a $105.00 target price on State Street and gave the company a “buy” rating in a research note on Thursday, August 16th. Deutsche Bank increased their target price on State Street from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Thursday, September 27th. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of State Street in a research note on Friday, August 3rd. Finally, Barclays cut their target price on State Street from $120.00 to $110.00 and set a “$87.02” rating on the stock in a research note on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $105.07.
In related news, insider Jeff D. Conway sold 343 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $83.16, for a total transaction of $28,523.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP George E. Sullivan sold 1,611 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $83.18, for a total value of $134,002.98. Following the transaction, the executive vice president now owns 58,847 shares of the company’s stock, valued at $4,894,893.46. The disclosure for this sale can be found here. Insiders sold 26,954 shares of company stock valued at $2,237,777 over the last 90 days. Corporate insiders own 0.40% of the company’s stock.
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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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