Private Advisor Group LLC Raises Position in State Street Corporation (STT)
Private Advisor Group LLC boosted its holdings in State Street Corporation (NYSE:STT) by 177.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,331 shares of the asset manager’s stock after buying an additional 4,687 shares during the quarter. Private Advisor Group LLC’s holdings in State Street were worth $718,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC raised its holdings in State Street by 18.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after purchasing an additional 172 shares during the last quarter. Penserra Capital Management LLC bought a new position in State Street during the 2nd quarter worth approximately $107,000. Bronfman E.L. Rothschild L.P. raised its holdings in State Street by 15.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after purchasing an additional 168 shares during the last quarter. Eagle Asset Management Inc. bought a new position in State Street during the 2nd quarter worth approximately $200,000. Finally, Sabal Trust CO bought a new position in State Street during the 3rd quarter worth approximately $201,000. Institutional investors and hedge funds own 88.10% of the company’s stock.
Several research firms have issued reports on STT. Zacks Investment Research lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Morgan Stanley raised their price target on shares of State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. Royal Bank Of Canada lowered their price target on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a report on Tuesday, October 24th. Finally, Citigroup restated a “neutral” rating and set a $102.00 price target (up previously from $88.00) on shares of State Street in a report on Monday, October 9th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $96.47.
Shares of State Street Corporation (NYSE STT) traded up $0.75 during mid-day trading on Friday, hitting $97.67. 1,229,355 shares of the stock traded hands, compared to its average volume of 1,756,445. The firm has a market cap of $36,219.65, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 1.67 and a beta of 1.35. State Street Corporation has a one year low of $74.45 and a one year high of $99.99. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61.
State Street (NYSE:STT) last announced 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 during the quarter, compared to the consensus estimate of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.35 EPS. equities analysts expect that State Street Corporation will post 6.25 EPS for the current year.
State Street 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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