WEALTHFRONT Corp bought a new position in shares of State Street Corp (NYSE:STT) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 14,266 shares of the asset manager’s stock, valued at approximately $1,195,000.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of State Street by 7.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 27,934,535 shares of the asset manager’s stock worth $2,340,355,000 after purchasing an additional 1,830,069 shares during the period. BlackRock Inc. increased its holdings in shares of State Street by 5.7% during the third quarter. BlackRock Inc. now owns 22,719,665 shares of the asset manager’s stock worth $1,903,454,000 after purchasing an additional 1,224,497 shares during the period. FMR LLC increased its holdings in shares of State Street by 1.9% during the third quarter. FMR LLC now owns 13,405,169 shares of the asset manager’s stock worth $1,123,084,000 after purchasing an additional 251,861 shares during the period. Longview Partners Guernsey LTD increased its holdings in shares of State Street by 40.5% during the third 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 during the period. Finally, Artisan Partners Limited Partnership increased its holdings in shares of State Street by 1.0% during the second quarter. Artisan Partners Limited Partnership now owns 5,389,168 shares of the asset manager’s stock worth $501,678,000 after purchasing an additional 50,779 shares during the period. 87.22% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on the stock. Zacks Investment Research cut shares of State Street from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Wells Fargo & Co decreased their price objective on shares of State Street from $92.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday. Credit Suisse Group decreased their price objective on shares of State Street from $88.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday. ValuEngine cut shares of State Street from a “sell” rating to a “strong sell” rating in a research note on Friday, October 19th. Finally, Wolfe Research assumed coverage on shares of State Street in a research note on Tuesday, September 25th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $100.40.
In related news, Director Saint-Aignan Patrick De bought 500 shares of the firm’s stock in a transaction on Tuesday, October 23rd. The shares were purchased at an average price of $68.62 per share, with a total value of $34,310.00. Following the completion of the purchase, the director now owns 25,138 shares in the company, valued at approximately $1,724,969.56. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Louis D. Maiuri bought 740 shares of the firm’s stock in a transaction on Wednesday, October 24th. The shares were bought at an average cost of $67.60 per share, for a total transaction of $50,024.00. Following the purchase, the executive vice president now owns 45,314 shares of the company’s stock, valued at approximately $3,063,226.40. The disclosure for this purchase can be found here. Insiders own 0.40% of the company’s stock.
Shares of NYSE:STT opened at $65.04 on Friday. The company has a market capitalization of $25.01 billion, a P/E ratio of 10.91, a PEG ratio of 0.97 and a beta of 1.35. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. State Street Corp has a 1 year low of $63.40 and a 1 year high of $114.27.
State Street (NYSE:STT) last posted its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.02). The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $3.02 billion. State Street had a return on equity of 14.99% and a net margin of 19.90%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.71 EPS. As a group, equities analysts predict that State Street Corp will post 7.39 EPS for the current fiscal 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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