State Street Corporation $STT Shares Purchased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lifted its position in State Street Corporation (NYSE:STT) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,753,910 shares of the asset manager’s stock after acquiring an additional 36,865 shares during the period. Arrowstreet Capital Limited Partnership owned 0.62% of State Street worth $186,511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also bought and sold shares of the business. Norges Bank acquired a new position in State Street in the second quarter valued at approximately $256,367,000. Nuveen LLC acquired a new position in shares of State Street in the first quarter worth $93,016,000. Invesco Ltd. raised its position in State Street by 9.0% in the 1st 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 in the last quarter. Panagora Asset Management Inc. raised its holdings in shares of State Street by 5,058.7% in the 1st quarter. Panagora Asset Management Inc. now owns 465,673 shares of the asset manager’s stock valued at $41,692,000 after purchasing an additional 456,646 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of State Street during the 2nd quarter worth about $42,281,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets started coverage on shares of State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price target for the company. The Goldman Sachs Group upped their price target on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Citigroup lifted their price target on State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Wells Fargo & Company raised their price target on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, TD Cowen assumed coverage on State Street in a report on Thursday, September 25th. They issued a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $125.92.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’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 approximately $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.29% of the stock is owned by corporate insiders.

State Street Price Performance

Shares of NYSE STT opened at $119.11 on Wednesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The business’s fifty day moving average price is $115.97 and its two-hundred day moving average price is $110.21. The firm has a market capitalization of $33.27 billion, a PE ratio of 12.60, a P/E/G ratio of 1.24 and a beta of 1.47. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $122.69.

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