State Street Corporation $STT Shares Bought by Assetmark Inc.

Assetmark Inc. boosted its stake in State Street Corporation (NYSE:STT) by 200.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,808 shares of the asset manager’s stock after buying an additional 1,874 shares during the period. Assetmark Inc.’s holdings in State Street were worth $299,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Invesco Ltd. lifted its stake in State Street by 9.0% during 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 last quarter. Northern Trust Corp lifted its position in shares of State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock valued at $381,770,000 after acquiring an additional 115,751 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of State Street by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after acquiring an additional 14,011 shares in the last quarter. Eastern Bank boosted its stake in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after acquiring an additional 2,947,153 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of State Street by 1.9% in the 1st 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 worth $242,932,000 after acquiring an additional 49,353 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Up 0.8%

Shares of NYSE:STT opened at $118.23 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. The stock’s 50-day moving average is $114.54 and its 200-day moving average is $106.94. The company has a market cap of $33.02 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.24 and a beta of 1.47. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $119.33.

State Street (NYSE:STT) last posted 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. 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%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the business posted $2.26 EPS. Equities research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

Wall Street Analyst Weigh In

STT has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Cowen reiterated a “buy” rating on shares of State Street in a report on Tuesday, October 21st. Finally, The Goldman Sachs Group increased their price objective on State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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 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 directly owned 38,626 shares of the company’s stock, 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 SEC, which is available at this hyperlink. 0.29% of the stock is owned by company insiders.

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.