Baird Financial Group Inc. lifted its position in State Street Corp (NYSE:STT) by 46.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 43,416 shares of the asset manager’s stock after acquiring an additional 13,857 shares during the quarter. Baird Financial Group Inc.’s holdings in State Street were worth $3,713,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of STT. Brown Advisory Inc. increased its stake in State Street by 35.0% in the 3rd quarter. Brown Advisory Inc. now owns 185,266 shares of the asset manager’s stock valued at $15,522,000 after buying an additional 48,046 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its stake in State Street by 65.4% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 9,612 shares of the asset manager’s stock valued at $805,000 after buying an additional 3,800 shares during the period. Dimensional Fund Advisors LP increased its stake in State Street by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,426,609 shares of the asset manager’s stock valued at $119,552,000 after buying an additional 28,348 shares during the period. Meiji Yasuda Life Insurance Co acquired a new position in State Street in the 3rd quarter valued at approximately $360,000. Finally, Virtu Financial LLC increased its stake in State Street by 103.3% in the 3rd quarter. Virtu Financial LLC now owns 21,370 shares of the asset manager’s stock valued at $1,790,000 after buying an additional 10,859 shares during the period. Institutional investors and hedge funds own 87.22% of the company’s stock.
In other news, Director Saint-Aignan Patrick De bought 500 shares of the stock in a transaction that occurred on Tuesday, October 23rd. The shares were acquired at an average cost 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 approximately $1,724,969.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Louis D. Maiuri bought 740 shares of the stock in a transaction that occurred on Wednesday, October 24th. The stock was purchased at an average price of $67.60 per share, for a total transaction of $50,024.00. Following the completion of the purchase, the executive vice president now directly owns 45,314 shares in the company, valued at approximately $3,063,226.40. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.
Shares of STT opened at $65.04 on Friday. State Street Corp has a 12 month low of $63.40 and a 12 month high of $114.27. The firm has a market cap of $25.74 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 0.99 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 (NYSE:STT) last announced its quarterly 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 business had revenue of $2.95 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter last year, the company earned $1.71 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. Equities research analysts forecast that State Street Corp will post 7.42 earnings per share for the current fiscal year.
Several research analysts have weighed in on the stock. Zacks Investment Research lowered shares of State Street from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Credit Suisse Group dropped 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. Wells Fargo & Co dropped 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. ValuEngine lowered 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 investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $100.40.
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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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