Illinois Municipal Retirement Fund Acquires 6,177 Shares of State Street Corporation $STT

Illinois Municipal Retirement Fund increased its holdings in shares of State Street Corporation (NYSE:STT) by 11.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 60,720 shares of the asset manager’s stock after acquiring an additional 6,177 shares during the period. Illinois Municipal Retirement Fund’s holdings in State Street were worth $6,457,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Harbour Investments Inc. boosted its holdings in shares of State Street by 11.7% during the 2nd quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock worth $108,000 after buying an additional 106 shares in the last quarter. McAdam LLC increased its stake in shares of State Street by 1.7% in the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock valued at $707,000 after acquiring an additional 111 shares in the last quarter. Meeder Advisory Services Inc. lifted its position in shares of State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock valued at $515,000 after acquiring an additional 114 shares during the period. Larson Financial Group LLC boosted its stake in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after acquiring an additional 118 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in State Street by 5.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock worth $201,000 after acquiring an additional 126 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

State Street Price Performance

NYSE STT opened at $119.49 on Wednesday. The company has a market cap of $33.37 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $120.81. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The firm’s 50-day simple moving average is $114.76 and its two-hundred day simple moving average is $107.71.

State Street (NYSE:STT) last posted its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping 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 firm had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter last year, the company earned $2.26 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. Research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on STT shares. Keefe, Bruyette & Woods boosted their target price on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Bank of America increased their target price on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a report on Wednesday, July 16th. Morgan Stanley lifted their price target on State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Finally, BMO Capital Markets initiated coverage on shares of State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $125.92.

State Street Company 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.