State Street Corporation $STT Shares Acquired by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI increased its stake in shares of State Street Corporation (NYSE:STT) by 10.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,467 shares of the asset manager’s stock after buying an additional 606 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in State Street were worth $688,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Invesco Ltd. increased its holdings in shares of State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after acquiring an additional 674,120 shares during the period. Geode Capital Management LLC raised its holdings in shares of State Street by 0.4% during the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after buying an additional 27,098 shares during the last quarter. Northern Trust Corp boosted its position in shares of State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after buying an additional 115,751 shares during the period. Dimensional Fund Advisors LP grew its holdings in State Street by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after buying an additional 14,011 shares in the last quarter. Finally, Eastern Bank grew its holdings in State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after buying an additional 2,947,153 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Up 0.4%

STT stock opened at $113.30 on Wednesday. The firm has a market cap of $31.65 billion, a PE ratio of 11.99, a P/E/G ratio of 1.24 and a beta of 1.47. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $122.69. 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 firm has a 50 day simple moving average of $115.14 and a 200 day simple moving average of $108.68.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) 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 $3.55 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the previous year, the business posted $2.26 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. Equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. 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 report on Tuesday, September 30th. The Goldman Sachs Group raised their target price on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Cowen reissued a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $125.92.

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.