Arrowstreet Capital Limited Partnership Has $186.51 Million Stake in State Street Corporation $STT

Arrowstreet Capital Limited Partnership raised its position in State Street Corporation (NYSE:STT) by 2.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,753,910 shares of the asset manager’s stock after acquiring an additional 36,865 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in State Street were worth $186,511,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Harbour Investments Inc. boosted its stake in State Street by 11.7% during the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock worth $108,000 after buying an additional 106 shares in the last quarter. McAdam LLC raised its stake in shares of State Street by 1.7% in the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock valued at $707,000 after buying an additional 111 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock worth $201,000 after acquiring an additional 126 shares during the period. Brighton Jones LLC boosted its position in shares of State Street by 4.7% during the 2nd quarter. Brighton Jones LLC now owns 3,222 shares of the asset manager’s stock valued at $343,000 after acquiring an additional 146 shares in the last quarter. Finally, Ironwood Investment Counsel LLC increased its stake in State Street by 2.6% in the first quarter. Ironwood Investment Counsel LLC now owns 5,921 shares of the asset manager’s stock valued at $530,000 after acquiring an additional 149 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $119.11 on Wednesday. The stock has a market cap of $33.27 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. The stock has a 50-day moving average of $115.97 and a 200-day moving average of $110.21. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a one year low of $72.81 and a one year high of $122.69.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the prior year, the company earned $2.26 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on STT shares. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Citigroup upped their price target on State Street from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Cowen reissued a “buy” rating on shares of State Street in a report on Tuesday, October 21st. TD Cowen started coverage on shares of State Street in a report on Thursday, September 25th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company increased their target price on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $125.92.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.29% of the company’s stock.

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, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.