Gabelli Funds LLC increased its stake in State Street Corp (NYSE:STT) by 2.5% during the third quarter, HoldingsChannel reports. The firm owned 684,800 shares of the asset manager’s stock after acquiring an additional 16,600 shares during the period. Gabelli Funds LLC’s holdings in State Street were worth $57,373,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of STT. Longview Partners Guernsey LTD increased its stake in State Street by 40.5% in the 3rd quarter. Longview Partners Guernsey LTD now owns 11,202,851 shares of the asset manager’s stock worth $938,575,000 after purchasing an additional 3,230,396 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in State Street by 7.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 27,934,535 shares of the asset manager’s stock worth $2,340,355,000 after acquiring an additional 1,830,069 shares during the period. Coho Partners Ltd. boosted its position in State Street by 23.9% during the 3rd quarter. Coho Partners Ltd. now owns 2,012,729 shares of the asset manager’s stock worth $168,626,000 after acquiring an additional 388,752 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in State Street by 36.3% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,152,298 shares of the asset manager’s stock worth $107,278,000 after acquiring an additional 306,935 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in State Street by 18.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,354,439 shares of the asset manager’s stock worth $114,359,000 after acquiring an additional 213,148 shares during the period. 88.04% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on the company. Zacks Investment Research lowered State Street from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Barclays decreased their price objective on State Street from $110.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, October 22nd. Credit Suisse Group decreased their price objective on State Street from $103.00 to $88.00 and set a “neutral” rating for the company in a research report on Monday, October 22nd. Royal Bank of Canada restated a “hold” rating and set a $95.00 price objective on shares of State Street in a research report on Sunday, October 21st. Finally, ValuEngine lowered State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, October 19th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $103.07.
Shares of State Street stock opened at $71.91 on Tuesday. The stock has a market cap of $26.56 billion, a PE ratio of 12.07, a PEG ratio of 1.02 and a beta of 1.34. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.50 and a quick ratio of 0.50. State Street Corp has a 52-week low of $65.81 and a 52-week high of $114.27.
State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.89 by ($0.02). The firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $3.02 billion. State Street had a net margin of 19.90% and a return on equity of 14.99%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.71 earnings per share. Equities analysts expect that State Street Corp will post 7.42 earnings per share for the current fiscal year.
In other news, insider Jeff D. Conway sold 343 shares of State Street 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP George E. Sullivan sold 1,611 shares of State Street stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $83.18, for a total value of $134,002.98. Following the sale, 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. Over the last quarter, insiders have sold 26,954 shares of company stock valued at $2,237,777. 0.40% of the stock is owned by corporate insiders.
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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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