State Board of Administration of Florida Retirement System Acquires 3,310 Shares of State Street Corporation $STT

State Board of Administration of Florida Retirement System boosted its stake in shares of State Street Corporation (NYSE:STT) by 1.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 294,726 shares of the asset manager’s stock after purchasing an additional 3,310 shares during the period. State Board of Administration of Florida Retirement System’s holdings in State Street were worth $31,341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC purchased a new position in State Street in the second quarter worth about $52,000. Quadrant Capital Group LLC increased its position in shares of State Street by 49.7% during the 2nd quarter. Quadrant Capital Group LLC now owns 11,383 shares of the asset manager’s stock valued at $1,210,000 after purchasing an additional 3,781 shares during the last quarter. Vinva Investment Management Ltd lifted its stake in shares of State Street by 114.9% in the 2nd quarter. Vinva Investment Management Ltd now owns 140,501 shares of the asset manager’s stock worth $14,893,000 after purchasing an additional 75,134 shares during the period. Employees Retirement System of Texas purchased a new position in shares of State Street in the second quarter worth approximately $335,000. Finally, Choreo LLC boosted its holdings in shares of State Street by 38.8% in the second quarter. Choreo LLC now owns 34,653 shares of the asset manager’s stock worth $3,685,000 after buying an additional 9,681 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on STT shares. The Goldman Sachs Group lifted their price objective on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods upped their price target on shares of State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Wells Fargo & Company increased their price objective on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Finally, Cowen restated a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, State Street presently has an average rating of “Moderate Buy” and an average target price of $125.92.

State Street Price Performance

STT stock opened at $119.02 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03. The company has a 50-day moving average price of $115.75 and a 200 day moving average price of $109.83. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $122.69. The stock has a market cap of $33.24 billion, a PE ratio of 12.59, a P/E/G ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same period in the previous year, the company earned $2.26 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the transaction, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

State Street Company 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, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.