Cornerstone Investment Partners LLC lifted its stake in State Street Corp (NYSE:STT) by 29.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 692,120 shares of the asset manager’s stock after purchasing an additional 155,580 shares during the quarter. State Street comprises about 2.1% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 28th largest holding. Cornerstone Investment Partners LLC owned about 0.18% of State Street worth $43,652,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. ARGA Investment Management LP raised its position in State Street by 19.0% during the 3rd quarter. ARGA Investment Management LP now owns 36,125 shares of the asset manager’s stock worth $3,027,000 after buying an additional 5,775 shares during the last quarter. Longview Partners Guernsey LTD raised its position in State Street by 40.5% during the 3rd 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 during the last quarter. Clear Harbor Asset Management LLC purchased a new position in State Street during the 3rd quarter worth approximately $299,000. Virtu Financial LLC raised its position in State Street by 103.3% during the 3rd quarter. Virtu Financial LLC now owns 21,370 shares of the asset manager’s stock worth $1,790,000 after buying an additional 10,859 shares during the last quarter. Finally, First Hawaiian Bank purchased a new position in State Street during the 3rd quarter worth approximately $1,406,000. 87.19% of the stock is owned by hedge funds and other institutional investors.

In related news, EVP Louis D. Maiuri purchased 740 shares of the company’s stock in a transaction that occurred on Wednesday, October 24th. The shares were purchased at an average price of $67.60 per share, with a total value of $50,024.00. Following the purchase, the executive vice president now owns 45,314 shares of the company’s stock, valued at $3,063,226.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Saint-Aignan Patrick De purchased 500 shares of the company’s stock in a transaction that occurred on Tuesday, October 23rd. The stock was bought at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the purchase, the director now directly owns 25,138 shares in the company, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.

STT has been the subject of a number of recent research reports. Deutsche Bank reduced their price target on shares of State Street from $92.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, November 16th. Barclays reduced their price target on shares of State Street from $110.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, October 22nd. Wells Fargo & Co reduced their price target on shares of State Street from $92.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, December 6th. Zacks Investment Research reissued a “hold” rating on shares of State Street in a research report on Friday, November 16th. Finally, UBS Group raised their price target on shares of State Street from $96.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $92.03.

Shares of NYSE:STT traded up $0.56 during trading on Friday, hitting $67.07. 71,460 shares of the stock traded hands, compared to its average volume of 3,277,170. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market cap of $25.35 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 0.96 and a beta of 1.35. State Street Corp has a 52-week low of $57.87 and a 52-week high of $114.27.

State Street (NYSE:STT) last posted its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.02). The firm had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $3.02 billion. State Street had a net margin of 19.90% and a return on equity of 14.99%. State Street’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $1.71 earnings per share. On average, sell-side analysts anticipate that State Street Corp will post 7.31 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 16th. Investors of record on Wednesday, January 2nd will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, December 31st. This represents a $1.88 dividend on an annualized basis and a yield of 2.80%. State Street’s dividend payout ratio is currently 31.54%.

ILLEGAL ACTIVITY NOTICE: This piece was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of United States & international copyright law. The correct version of this piece can be read at https://www.thecerbatgem.com/2019/01/11/state-street-corp-stt-shares-bought-by-cornerstone-investment-partners-llc.html.

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; 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.

Read More: Hedge Funds Explained

Institutional Ownership by Quarter for State Street (NYSE:STT)

Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.