State Street Corporation $STT Shares Bought by Advisors Asset Management Inc.

Advisors Asset Management Inc. increased its holdings in State Street Corporation (NYSE:STT) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,167 shares of the asset manager’s stock after purchasing an additional 619 shares during the quarter. Advisors Asset Management Inc.’s holdings in State Street were worth $4,059,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Verity & Verity LLC boosted its position in shares of State Street by 4.1% in the second quarter. Verity & Verity LLC now owns 267,769 shares of the asset manager’s stock worth $28,475,000 after buying an additional 10,556 shares during the period. Steward Partners Investment Advisory LLC lifted its stake in State Street by 3.2% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 13,563 shares of the asset manager’s stock worth $1,442,000 after acquiring an additional 423 shares in the last quarter. Coldstream Capital Management Inc. boosted its position in State Street by 5.3% during the 2nd quarter. Coldstream Capital Management Inc. now owns 4,914 shares of the asset manager’s stock worth $523,000 after acquiring an additional 249 shares during the period. Charles Schwab Investment Management Inc. boosted its position in State Street by 1.2% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,915,117 shares of the asset manager’s stock worth $203,654,000 after acquiring an additional 23,255 shares during the period. Finally, Soundwatch Capital LLC purchased a new position in State Street during the 2nd quarter valued at about $76,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Performance

NYSE:STT opened at $117.80 on Friday. The firm’s 50-day moving average is $115.64 and its 200-day moving average is $109.59. The company has a market cap of $32.90 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.24 and a beta of 1.47. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $122.69.

State Street (NYSE:STT) last issued its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping the consensus estimate of $2.57 by $0.21. The firm 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 period last year, the business earned $2.26 earnings per share. Equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. BMO Capital Markets began coverage on shares of State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price objective on the stock. Wells Fargo & Company increased their price objective on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Keefe, Bruyette & Woods lifted their price objective on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. TD Cowen began coverage on State Street in a research report on Thursday, September 25th. They issued a “buy” rating on the stock. Finally, Evercore ISI lifted their price target on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.92.

Insider Transactions at State Street

In other 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 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. 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 through the SEC website. 0.29% of the stock is owned by corporate insiders.

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.