State Street Co. (NYSE:STT) Shares Acquired by Synovus Financial Corp

Synovus Financial Corp grew its holdings in State Street Co. (NYSE:STTGet Rating) by 12.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,480 shares of the asset manager’s stock after acquiring an additional 378 shares during the quarter. Synovus Financial Corp’s holdings in State Street were worth $215,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Trust Asset Management LLC boosted its holdings in State Street by 5.8% in the second quarter. Trust Asset Management LLC now owns 3,848 shares of the asset manager’s stock worth $237,000 after acquiring an additional 210 shares in the last quarter. Mutual of America Capital Management LLC boosted its holdings in State Street by 2.5% in the second quarter. Mutual of America Capital Management LLC now owns 50,052 shares of the asset manager’s stock worth $3,086,000 after acquiring an additional 1,209 shares in the last quarter. Ally Financial Inc. boosted its holdings in State Street by 330.0% in the second quarter. Ally Financial Inc. now owns 43,000 shares of the asset manager’s stock worth $2,651,000 after acquiring an additional 33,000 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in State Street by 27.5% in the second quarter. Mackenzie Financial Corp now owns 198,075 shares of the asset manager’s stock worth $12,211,000 after acquiring an additional 42,769 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of State Street by 2.3% in the second quarter. Principal Financial Group Inc. now owns 462,407 shares of the asset manager’s stock worth $28,508,000 after purchasing an additional 10,596 shares during the last quarter. Institutional investors and hedge funds own 89.17% of the company’s stock.

State Street Stock Up 1.3 %

Shares of STT stock opened at $76.61 on Tuesday. The stock has a 50 day moving average of $69.44 and a 200 day moving average of $68.59. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.59. The stock has a market cap of $28.11 billion, a P/E ratio of 10.85, a P/E/G ratio of 1.32 and a beta of 1.61. State Street Co. has a twelve month low of $58.62 and a twelve month high of $104.87.

State Street (NYSE:STTGet Rating) last issued its quarterly earnings data on Tuesday, October 18th. The asset manager reported $1.80 EPS for the quarter, beating the consensus estimate of $1.78 by $0.02. State Street had a return on equity of 11.72% and a net margin of 22.48%. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same period last year, the company earned $2.00 earnings per share. State Street’s quarterly revenue was down 1.0% compared to the same quarter last year. As a group, sell-side analysts expect that State Street Co. will post 7.15 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on STT. Barclays reduced their price objective on State Street from $102.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, October 19th. StockNews.com began coverage on State Street in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Citigroup raised their price objective on State Street to $81.00 in a research note on Thursday, November 17th. Deutsche Bank Aktiengesellschaft raised their price objective on State Street from $66.00 to $77.00 and gave the stock a “hold” rating in a research note on Tuesday, November 15th. Finally, Morgan Stanley reduced their price objective on State Street from $86.00 to $81.00 and set an “overweight” rating for the company in a research note on Tuesday, October 4th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $83.65.

State Street Profile

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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 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 and enhanced custody products; 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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Institutional Ownership by Quarter for State Street (NYSE:STT)

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