Chicago Partners Investment Group LLC Increases Position in State Street Corporation $STT

Chicago Partners Investment Group LLC increased its stake in shares of State Street Corporation (NYSE:STT) by 55.1% during the second quarter, Holdings Channel.com reports. The institutional investor owned 3,525 shares of the asset manager’s stock after buying an additional 1,253 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in State Street were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in STT. Eastern Bank grew its holdings in shares of State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after buying an additional 2,947,153 shares during the last quarter. Nuveen LLC acquired a new position in State Street during the first quarter valued at $93,016,000. Invesco Ltd. lifted its position 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 period. Miller Howard Investments Inc. NY acquired a new position in State Street during the first quarter valued at $42,504,000. Finally, Allianz Asset Management GmbH lifted its position in State Street by 404.7% during the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock valued at $52,469,000 after purchasing an additional 469,936 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on STT. TD Cowen began coverage on shares of State Street in a research report on Thursday, September 25th. They set a “buy” rating for the company. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and boosted their target price for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Cfra Research upgraded shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Wells Fargo & Company upped their price objective on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Evercore ISI upped their price objective on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. 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 issued a Sell rating to the stock. According to MarketBeat, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $125.42.

State Street Trading Up 1.3%

Shares of State Street stock opened at $114.65 on Friday. The company has a market cap of $32.53 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 1.20 and a beta of 1.46. The firm has a 50-day simple moving average of $113.82 and a two-hundred day simple moving average of $103.95. 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 fifty-two week low of $72.81 and a fifty-two week high of $118.24.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The business had revenue of $13 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.26 earnings per share. As a group, equities analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal 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.