Envestnet Asset Management Inc. Raises Holdings in State Street Corporation $STT

Envestnet Asset Management Inc. grew its position in shares of State Street Corporation (NYSE:STT) by 4.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 240,002 shares of the asset manager’s stock after purchasing an additional 10,351 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.08% of State Street worth $25,522,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Invesco Ltd. increased its stake in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after purchasing an additional 674,120 shares during the period. Northern Trust Corp boosted its holdings in State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after buying an additional 115,751 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in State Street by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after buying an additional 14,011 shares in the last quarter. Eastern Bank boosted its holdings in State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after buying an additional 2,947,153 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of State Street by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager’s stock valued at $242,932,000 after purchasing an additional 49,353 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the transaction, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. This trade represents a 3.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by company insiders.

State Street Stock Up 0.9%

Shares of STT opened at $116.71 on Tuesday. The firm has a market cap of $33.11 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.24 and a beta of 1.46. The company’s fifty day moving average is $114.39 and its two-hundred day moving average is $106.29. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $119.33. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. The company had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. State Street’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the business earned $2.26 EPS. Analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on STT shares. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods raised their price objective on shares of State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Bank of America raised their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. Morgan Stanley raised their price objective on shares of State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Finally, Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

About State Street

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.