National Asset Management Inc. increased its position in shares of State Street Co. (NYSE:STT) by 23.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,327 shares of the asset manager’s stock after acquiring an additional 1,400 shares during the quarter. National Asset Management Inc.’s holdings in State Street were worth $443,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC grew its stake in shares of State Street by 366.4% in the second quarter. AQR Capital Management LLC now owns 3,169,222 shares of the asset manager’s stock valued at $196,397,000 after buying an additional 2,489,751 shares in the last quarter. LSV Asset Management grew its stake in shares of State Street by 80.2% in the second quarter. LSV Asset Management now owns 4,313,370 shares of the asset manager’s stock valued at $274,114,000 after buying an additional 1,919,301 shares in the last quarter. AJO LP grew its stake in shares of State Street by 4,464.2% in the second quarter. AJO LP now owns 1,177,104 shares of the asset manager’s stock valued at $74,804,000 after buying an additional 1,151,314 shares in the last quarter. Metropolis Capital Ltd grew its stake in shares of State Street by 40.5% in the third quarter. Metropolis Capital Ltd now owns 1,645,687 shares of the asset manager’s stock valued at $97,639,000 after buying an additional 474,751 shares in the last quarter. Finally, Strs Ohio boosted its position in State Street by 233.7% during the second quarter. Strs Ohio now owns 627,036 shares of the asset manager’s stock worth $39,848,000 after purchasing an additional 439,132 shares during the period. Hedge funds and other institutional investors own 90.33% of the company’s stock.
STT stock opened at $67.95 on Friday. The company has a market cap of $23.97 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 2.04 and a beta of 1.54. The business has a 50-day simple moving average of $64.39 and a 200 day simple moving average of $63.82. State Street Co. has a 52 week low of $42.10 and a 52 week high of $85.89. The company has a quick ratio of 0.54, a current ratio of 0.50 and a debt-to-equity ratio of 0.60.
State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 16th. The asset manager reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate of $1.41 by $0.04. The business had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.76 billion. State Street had a return on equity of 12.24% and a net margin of 20.75%. State Street’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 earnings per share. On average, analysts anticipate that State Street Co. will post 6.55 EPS for the current fiscal year.
A number of research firms have commented on STT. Morgan Stanley lifted their price objective on shares of State Street from $66.00 to $69.00 and gave the stock an “underweight” rating in a research report on Monday, October 19th. Piper Sandler lifted their price objective on shares of State Street from $67.00 to $69.00 and gave the stock a “neutral” rating in a research report on Monday, October 19th. ValuEngine raised shares of State Street from a “sell” rating to a “hold” rating in a research report on Tuesday, November 10th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $74.00 to $84.00 in a research report on Wednesday. Finally, Zacks Investment Research raised shares of State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective for the company in a research report on Tuesday, July 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $75.13.
In related news, CEO Francisco Aristeguieta sold 62,183 shares of the business’s stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $66.13, for a total value of $4,112,161.79. Following the completion of the transaction, the chief executive officer now owns 110,582 shares of the company’s stock, valued at $7,312,787.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.28% of the stock is owned by insiders.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level 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; 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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