State Street Corporation $STT Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its stake in shares of State Street Corporation (NYSE:STT) by 8.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 174,411 shares of the asset manager’s stock after acquiring an additional 12,960 shares during the period. Pictet Asset Management Holding SA owned 0.06% of State Street worth $30,450,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Envestnet Asset Management Inc. raised its holdings in State Street by 4.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 426,809 shares of the asset manager’s stock valued at $72,387,000 after acquiring an additional 19,035 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in State Street by 18.3% in the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after acquiring an additional 13,245 shares during the last quarter. Compass Financial Management LLC acquired a new position in State Street during the second quarter worth about $1,424,000. Core Capital Management & Research inc. acquired a new stake in shares of State Street in the 2nd quarter valued at approximately $749,000. Finally, State Street Corp boosted its stake in shares of State Street by 1.2% in the 2nd quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock valued at $2,296,098,000 after purchasing an additional 163,362 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In related news, EVP W. Hu sold 7,099 shares of the business’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $168.63, for a total value of $1,197,104.37. Following the sale, the executive vice president owned 42,695 shares of the company’s stock, valued at $7,199,657.85. The trade was a 14.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,554 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total value of $2,395,588.40. Following the completion of the sale, the chief executive officer owned 215,905 shares of the company’s stock, valued at $35,537,963. The trade was a 6.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research analyst reports. Citigroup lowered their price objective on shares of State Street from $212.00 to $190.00 and set a “buy” rating for the company in a research report on Friday, October 16th. Evercore raised their target price on shares of State Street from $185.00 to $200.00 in a research report on Wednesday, October 28th. Truist Financial decreased their target price on shares of State Street from $190.00 to $171.00 and set a “hold” rating on the stock in a research note on Thursday, October 15th. DA Davidson dropped their price target on State Street from $200.00 to $191.00 and set a “buy” rating for the company in a research note on Thursday, October 15th. Finally, Weiss Ratings lowered State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, October 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $193.97.

State Street Stock Up 0.4%

Shares of NYSE STT opened at $171.61 on Wednesday. The company has a 50 day simple moving average of $177.04 and a 200 day simple moving average of $160.10. The firm has a market cap of $46.69 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 0.79 and a beta of 1.38. State Street Corporation has a 1 year low of $111.63 and a 1 year high of $195.93. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT) last posted its earnings results on Wednesday, October 14th. The asset manager reported $3.69 EPS for the quarter, topping the consensus estimate of $3.68 by $0.01. State Street had a net margin of 15.81% and a return on equity of 16.11%. The business had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the company earned $2.78 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. On average, research analysts forecast that State Street Corporation will post 13.78 EPS for the current year.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792 as Union Bank, it has a long history serving institutional clients and is among the oldest financial institutions in the United States. The company provides investment servicing, including custody, fund administration, accounting, and related middle- and back-office services. Its clients include asset managers, pension funds, insurers, and other financial institutions. Through State Street Investment Management, the company also offers investment management services and investment products, including the SPDR family of exchange-traded funds.