Heritage Investors Management Corp lifted its stake in State Street Corp (NYSE:STT) by 61.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,370 shares of the asset manager’s stock after buying an additional 7,000 shares during the period. Heritage Investors Management Corp’s holdings in State Street were worth $1,539,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC grew its position in shares of State Street by 3,604.1% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 29,633 shares of the asset manager’s stock valued at $103,000 after buying an additional 28,833 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of State Street in the 2nd quarter valued at $109,000. Patriot Financial Group Insurance Agency LLC grew its position in shares of State Street by 1,855.1% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock valued at $113,000 after buying an additional 1,280 shares during the last quarter. Delta Asset Management LLC TN acquired a new stake in State Street during the 2nd quarter worth $142,000. Finally, Sageworth Trust Co boosted its stake in State Street by 1,151.7% during the 3rd quarter. Sageworth Trust Co now owns 1,815 shares of the asset manager’s stock worth $152,000 after purchasing an additional 1,670 shares during the period. 88.04% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Saint-Aignan Patrick De bought 500 shares of State Street stock in a transaction dated Tuesday, October 23rd. The stock was bought at an average price of $68.62 per share, for a total transaction of $34,310.00. Following the purchase, the director now owns 25,138 shares of the company’s stock, valued at $1,724,969.56. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP George E. Sullivan sold 1,611 shares of the firm’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $83.18, for a total transaction of $134,002.98. Following the completion of the sale, the executive vice president now owns 58,847 shares of the company’s stock, valued at approximately $4,894,893.46. The disclosure for this sale can be found here. Insiders sold a total of 26,954 shares of company stock valued at $2,237,777 in the last 90 days. Company insiders own 0.40% of the company’s stock.
A number of analysts recently weighed in on the stock. Sandler O’Neill reiterated a “hold” rating on shares of State Street in a research note on Friday, July 13th. ValuEngine upgraded shares of State Street from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 4th. Bank of America decreased their price target on shares of State Street from $104.00 to $97.00 and set a “neutral” rating for the company in a research note on Wednesday, July 25th. Wolfe Research assumed coverage on shares of State Street in a research note on Tuesday, September 25th. They set a “market perform” rating for the company. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $91.00 price target on shares of State Street in a research note on Tuesday, July 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $103.07.
STT stock opened at $72.25 on Friday. State Street Corp has a one year low of $65.81 and a one year high of $114.27. The firm has a market capitalization of $28.08 billion, a PE ratio of 10.04, a PEG ratio of 1.08 and a beta of 1.34. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.50.
State Street (NYSE:STT) last released its earnings results on Friday, October 19th. The asset manager reported $1.87 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.89 by ($0.02). State Street had a return on equity of 14.99% and a net margin of 19.90%. The firm had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same quarter last year, the business posted $1.71 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. As a group, research analysts expect that State Street Corp will post 7.42 EPS for the current year.
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State Street Company 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; 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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