State Street Corp (STT) Holdings Lifted by Associated Banc Corp
Associated Banc Corp lifted its position in State Street Corp (NYSE:STT) by 5.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 38,054 shares of the asset manager’s stock after purchasing an additional 2,023 shares during the period. Associated Banc Corp’s holdings in State Street were worth $3,188,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Longview Partners Guernsey LTD raised its stake in State Street by 40.5% in the third quarter. Longview Partners Guernsey LTD now owns 11,202,851 shares of the asset manager’s stock worth $938,575,000 after buying an additional 3,230,396 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in State Street by 14.5% in the second quarter. Segall Bryant & Hamill LLC now owns 8,025 shares of the asset manager’s stock worth $747,000 after buying an additional 1,015 shares in the last quarter. First Hawaiian Bank bought a new position in State Street in the third quarter worth approximately $1,406,000. Maltese Capital Management LLC bought a new position in State Street in the second quarter worth approximately $7,717,000. Finally, Foundry Partners LLC raised its stake in State Street by 18.6% in the third quarter. Foundry Partners LLC now owns 113,909 shares of the asset manager’s stock worth $9,543,000 after buying an additional 17,889 shares in the last quarter. Hedge funds and other institutional investors own 85.06% of the company’s stock.
A number of equities analysts recently commented on STT shares. Royal Bank of Canada reissued a “hold” rating and issued a $105.00 price objective on shares of State Street in a research note on Friday, July 20th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $100.00 price objective on shares of State Street in a research note on Monday, July 23rd. Barclays reduced their price objective on shares of State Street from $120.00 to $110.00 and set a “$87.02” rating for the company in a research note on Monday, July 23rd. Credit Suisse Group reduced their price objective on shares of State Street from $110.00 to $103.00 and set a “$87.02” rating for the company in a research note on Monday, July 23rd. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $91.00 price objective on shares of State Street in a research note on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. State Street has an average rating of “Hold” and an average price target of $103.07.
State Street (NYSE:STT) last issued its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.02). The business had revenue of $2.95 billion for the quarter, compared to analyst estimates of $3.02 billion. State Street had a return on equity of 14.99% and a net margin of 19.90%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.71 earnings per share. On average, analysts predict that State Street Corp will post 7.42 earnings per share for the current year.
In other news, insider Jeff D. Conway sold 343 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $83.16, for a total transaction of $28,523.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Saint-Aignan Patrick De purchased 500 shares of State Street stock in a transaction dated Tuesday, October 23rd. The shares were acquired at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the completion of the transaction, the director now owns 25,138 shares of the company’s stock, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.
State Street Profile
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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
Further Reading: Retained Earnings
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