VIRGINIA RETIREMENT SYSTEMS ET Al Invests $42.28 Million in State Street Corporation $STT

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 397,600 shares of the asset manager’s stock, valued at approximately $42,281,000.

A number of other large investors also recently modified their holdings of STT. Brighton Jones LLC acquired a new position in State Street in the fourth quarter valued at approximately $296,000. GAMMA Investing LLC lifted its holdings in State Street by 14.7% in the first quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager’s stock valued at $329,000 after buying an additional 472 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in State Street by 58.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 52,383 shares of the asset manager’s stock valued at $4,690,000 after buying an additional 19,377 shares during the period. Exchange Traded Concepts LLC lifted its holdings in State Street by 15.1% in the first quarter. Exchange Traded Concepts LLC now owns 1,804 shares of the asset manager’s stock valued at $162,000 after buying an additional 237 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in State Street by 1.1% in the first quarter. State of Alaska Department of Revenue now owns 33,806 shares of the asset manager’s stock valued at $3,026,000 after buying an additional 380 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company’s stock.

State Street Stock Down 1.5%

State Street stock opened at $111.27 on Friday. The company has a market cap of $31.57 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.24. The company has a fifty day simple moving average of $113.60 and a 200 day simple moving average of $103.13. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

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 analysts’ consensus estimates of $2.57 by $0.21. The firm had revenue of $13 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.26 earnings per share. Research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

STT has been the topic of several analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Cfra Research upgraded shares of State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Morgan Stanley reaffirmed an “overweight” rating and issued a $162.00 target price on shares of State Street in a research note on Monday, September 29th. Evercore ISI upped their target price on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Finally, BMO Capital Markets started coverage on shares of State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $122.83.

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.