Nisa Investment Advisors LLC increased its position in State Street Corporation (NYSE:STT – Free Report) by 3.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,520 shares of the asset manager’s stock after purchasing an additional 3,285 shares during the period. Nisa Investment Advisors LLC’s holdings in State Street were worth $17,899,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC purchased a new position in State Street during the third quarter valued at $242,000. Robeco Institutional Asset Management B.V. boosted its holdings in shares of State Street by 4.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,086,682 shares of the asset manager’s stock valued at $189,724,000 after buying an additional 44,050 shares in the last quarter. 55 North Private Wealth LLC boosted its holdings in shares of State Street by 5.6% during the 3rd quarter. 55 North Private Wealth LLC now owns 1,820 shares of the asset manager’s stock valued at $318,000 after buying an additional 97 shares in the last quarter. Genesee Capital Advisors LLC grew its position in shares of State Street by 1.2% in the 3rd quarter. Genesee Capital Advisors LLC now owns 5,601 shares of the asset manager’s stock worth $978,000 after buying an additional 68 shares during the period. Finally, Focused Alpha LLC grew its position in shares of State Street by 2.9% in the 3rd quarter. Focused Alpha LLC now owns 4,981 shares of the asset manager’s stock worth $870,000 after buying an additional 142 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at State Street
In other news, EVP W. Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by insiders.
Key State Street News
Here are the key news stories impacting State Street this week:
- Positive Sentiment: State Street issued $750 million of fixed-to-floating-rate senior notes, strengthening funding capacity and liquidity. The additional debt may also support balance-sheet flexibility and investment in the company’s asset-servicing and asset-management businesses. State Street Boosts Funding with New Senior Notes
- Neutral Sentiment: Analyst commentary on State Street and Deutsche Bank provides additional sector perspective, but the available report details do not indicate a material change to State Street’s earnings outlook. The company’s latest quarterly results remain a supportive backdrop, with earnings slightly above consensus and revenue up year over year. Analysts Offer Insights on Financial Companies
- Neutral Sentiment: State Street and affiliated investment-management entities reported reducing or exiting substantial-holder positions in several Australian companies, including IDP Education, McMillan Shakespeare, Bega Cheese, Amotiv, Downer EDI, Clarity Pharmaceuticals, FireFly Metals and oOh!media. These disclosures appear to reflect portfolio rebalancing rather than a change in STT’s corporate strategy. State Street Australian Holdings Update
- Neutral Sentiment: State Street Global Advisors Singapore added a market maker to the SPDR Straits Times Index ETF, which could improve trading liquidity and support the ETF franchise, although the direct financial effect on STT is likely limited. SPDR Straits Times Index ETF Adds New Market Maker
- Negative Sentiment: BMO Capital Markets issued a pessimistic forecast for State Street, while Citi cut its price target from $212 to $190. Target reductions can pressure the stock by signaling more limited upside, even though the revised targets may still imply value depending on the current share price. BMO Capital Markets Issues Pessimistic Forecast Citi Cuts State Street Stock Target
Wall Street Analyst Weigh In
Several brokerages recently issued reports on STT. Barclays increased their price target on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Capital One Financial set a $200.00 price target on shares of State Street in a research report on Tuesday, October 6th. UBS Group set a $176.00 price objective on shares of State Street in a research note on Friday, June 26th. Keefe, Bruyette & Woods upped their price objective on shares of State Street from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, October 15th. Finally, BMO Capital Markets cut their price objective on shares of State Street from $200.00 to $185.00 and set an “outperform” rating on the stock in a report on Monday. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $189.74.
Get Our Latest Report on State Street
State Street Stock Up 1.3%
STT stock opened at $168.68 on Thursday. The business has a 50 day moving average of $182.94 and a 200 day moving average of $170.72. The firm has a market cap of $46.34 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. State Street Corporation has a twelve month low of $111.63 and a twelve month high of $195.93. The company has a quick ratio of 0.59, a current ratio of 0.57 and a debt-to-equity ratio of 1.07.
State Street (NYSE:STT – Get Free Report) last released its earnings results on Wednesday, October 14th. The asset manager reported $3.69 EPS for the quarter, topping the consensus estimate of $3.68 by $0.01. State Street had a return on equity of 16.36% and a net margin of 15.81%. The business had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the company posted $2.78 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, research analysts forecast that State Street Corporation will post 13.77 EPS for the current fiscal year.
About State Street
State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.
The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.
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