Vanguard Group Inc. Raises Stock Position in State Street Corporation $STT

Vanguard Group Inc. increased its holdings in shares of State Street Corporation (NYSE:STT) by 0.2% in the second quarter, Holdings Channel reports. The firm owned 37,212,748 shares of the asset manager’s stock after acquiring an additional 88,089 shares during the period. Vanguard Group Inc. owned approximately 0.13% of State Street worth $3,957,204,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in STT. Capital Analysts LLC raised its position in State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC grew its stake in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of State Street during the 1st quarter valued at about $46,000. CVA Family Office LLC lifted its position in State Street by 45.8% during the 2nd quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after acquiring an additional 176 shares in the last quarter. Finally, Sarver Vrooman Wealth Advisors purchased a new position in State Street in the 2nd quarter worth approximately $77,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 38,626 shares of the company’s stock, valued at $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by insiders.

State Street Trading Up 0.8%

NYSE STT opened at $114.05 on Thursday. The company has a market capitalization of $31.86 billion, a price-to-earnings ratio of 12.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $122.69. The company’s fifty day moving average price is $115.21 and its two-hundred day moving average price is $108.72.

State Street (NYSE:STT) last released 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 company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the firm earned $2.26 EPS. The company’s revenue was up 8.8% on a year-over-year basis. As a group, research analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. BMO Capital Markets started coverage on shares of State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target for the company. Citigroup lifted their price target on shares of State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. TD Cowen assumed coverage on shares of State Street in a research report on Thursday, September 25th. They issued a “buy” rating for the company. Finally, Truist Financial lowered their target price on State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and a consensus price target 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.