First Trust Advisors LP Increases Stock Position in State Street Corporation $STT

First Trust Advisors LP increased its stake in State Street Corporation (NYSE:STT) by 39.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,009,190 shares of the asset manager’s stock after purchasing an additional 564,202 shares during the quarter. First Trust Advisors LP owned 0.71% of State Street worth $213,657,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Capital Analysts LLC grew its position in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 274 shares during the period. Zions Bancorporation National Association UT purchased a new position in State Street during the first quarter valued at $46,000. AlphaCore Capital LLC grew its position in shares of State Street by 103.5% during the second quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock valued at $50,000 after purchasing an additional 238 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in State Street in the 2nd quarter worth approximately $52,000. Finally, CVA Family Office LLC increased its position in State Street by 45.8% in the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after purchasing an additional 176 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Morgan Stanley boosted their price objective on State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. TD Cowen began coverage on shares of State Street in a research report on Thursday, September 25th. They issued a “buy” rating for the company. Truist Financial dropped their price target on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research report on Monday, October 20th. Evercore ISI lifted their price objective on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Finally, Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $125.92.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the transaction, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. This represents a 3.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

State Street Stock Performance

Shares of NYSE STT opened at $121.80 on Friday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $122.69. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $34.02 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 1.12 and a beta of 1.44. The company’s fifty day moving average price is $116.28 and its 200 day moving average price is $110.36.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.State Street’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.26 EPS. On average, research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street 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.