Heritage Investors Management Corp lifted its stake in State Street Corp (NYSE:STT) by 61.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 18,370 shares of the asset manager’s stock after acquiring an additional 7,000 shares during the quarter. Heritage Investors Management Corp’s holdings in State Street were worth $1,539,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Moneta Group Investment Advisors LLC increased its stake in State Street by 3,604.1% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 29,633 shares of the asset manager’s stock worth $103,000 after buying an additional 28,833 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in State Street during the 2nd quarter worth approximately $109,000. Patriot Financial Group Insurance Agency LLC increased its stake in State Street by 1,855.1% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,349 shares of the asset manager’s stock worth $113,000 after buying an additional 1,280 shares during the period. Delta Asset Management LLC TN purchased a new stake in State Street during the 2nd quarter worth approximately $142,000. Finally, Sageworth Trust Co increased 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 buying an additional 1,670 shares during the period. Hedge funds and other institutional investors own 88.04% of the company’s stock.
In other State Street news, insider Jeff D. Conway sold 343 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $83.16, for a total value of $28,523.88. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Saint-Aignan Patrick De acquired 500 shares of the company’s stock in a transaction on Tuesday, October 23rd. The stock was purchased at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the completion of the transaction, the director now owns 25,138 shares in the company, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. Over the last three months, insiders sold 26,954 shares of company stock worth $2,237,777. Insiders own 0.40% of the company’s stock.
Shares of NYSE:STT opened at $72.25 on Friday. State Street Corp has a 52 week low of $65.81 and a 52 week high of $114.27. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $28.08 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 1.08 and a beta of 1.34.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, October 19th. The asset manager reported $1.87 EPS for the quarter, missing the Zacks’ consensus estimate of $1.89 by ($0.02). State Street had a net margin of 19.90% and a return on equity of 14.99%. The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the prior year, the company posted $1.71 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, research analysts forecast that State Street Corp will post 7.42 earnings per share for the current year.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of State Street from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Jefferies Financial Group reaffirmed a “hold” rating and set a $91.00 target price on shares of State Street in a research note on Tuesday, July 24th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $100.00 target price on shares of State Street in a research note on Monday, July 23rd. Credit Suisse Group cut their target price on shares of State Street from $110.00 to $103.00 and set a “$87.02” rating on the stock in a research note on Monday, July 23rd. Finally, Bank of America cut their target price on shares of State Street from $104.00 to $97.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $103.07.
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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