Hermes Investment Management Ltd. grew its holdings in State Street Corporation (NYSE:STT) by 15.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 657,864 shares of the asset manager’s stock after acquiring an additional 90,285 shares during the quarter. Hermes Investment Management Ltd. owned 0.18% of State Street Corporation worth $62,852,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Commonwealth Bank of Australia boosted its position in shares of State Street Corporation by 5.8% in the second quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock valued at $5,490,000 after acquiring an additional 3,365 shares during the period. Vanguard Group Inc. boosted its position in shares of State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock valued at $1,876,730,000 after acquiring an additional 1,180,527 shares during the period. Delta Lloyd Asset Management N.V. acquired a new position in State Street Corporation in the second quarter valued at about $4,730,000. Pennsylvania Trust Co raised its stake in State Street Corporation by 6.5% in the second quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock valued at $361,000 after purchasing an additional 240 shares in the last quarter. Finally, Arvest Bank Trust Division raised its stake in State Street Corporation by 1.1% in the second quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock valued at $17,754,000 after purchasing an additional 2,084 shares in the last quarter. 87.68% of the stock is owned by institutional investors.
In other State Street Corporation news, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $92.55, for a total transaction of $296,160.00. Following the sale, the insider now owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Erickson sold 353 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the sale, the insider now directly owns 21,170 shares in the company, valued at approximately $1,969,021.70. The disclosure for this sale can be found here. Insiders have sold a total of 3,814 shares of company stock worth $353,485 over the last 90 days. 0.71% of the stock is currently owned by company insiders.
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STT has been the subject of a number of analyst reports. Zacks Investment Research downgraded State Street Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 29th. Citigroup Inc. reissued a “neutral” rating and set a $102.00 target price (up previously from $88.00) on shares of State Street Corporation in a research note on Monday, October 9th. Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the stock a “hold” rating in a research note on Monday, August 28th. Barclays PLC boosted their price target on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. Finally, Morgan Stanley boosted their price target on State Street Corporation from $90.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. State Street Corporation presently has a consensus rating of “Hold” and a consensus price target of $97.07.
Shares of State Street Corporation (NYSE:STT) traded down 1.30% during trading on Friday, hitting $93.51. The stock had a trading volume of 1,778,191 shares. The firm has a 50 day moving average price of $96.26 and a 200-day moving average price of $89.87. State Street Corporation has a 52 week low of $69.49 and a 52 week high of $99.99. The stock has a market capitalization of $34.97 billion, a price-to-earnings ratio of 17.27 and a beta of 1.31.
State Street Corporation (NYSE:STT) last released its quarterly earnings data on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, topping the consensus estimate of $1.61 by $0.10. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street Corporation had a return on equity of 13.03% and a net margin of 20.56%. State Street Corporation’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the business posted $1.35 EPS. On average, equities research analysts forecast that State Street Corporation will post $6.26 EPS for the current fiscal year.
State Street Corporation Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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