Nomura Asset Management Co. Ltd. Has $10.73 Million Position in State Street Corporation $STT

Nomura Asset Management Co. Ltd. lifted its stake in shares of State Street Corporation (NYSE:STT) by 5.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 100,864 shares of the asset manager’s stock after acquiring an additional 5,047 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in State Street were worth $10,726,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Assetmark Inc. boosted its holdings in shares of State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock valued at $84,000 after acquiring an additional 357 shares in the last quarter. Nordea Investment Management AB raised its position in State Street by 2.2% in the second quarter. Nordea Investment Management AB now owns 2,273,567 shares of the asset manager’s stock valued at $241,862,000 after purchasing an additional 49,475 shares during the last quarter. Inspire Trust Co. N.A. raised its position in State Street by 25.8% in the first quarter. Inspire Trust Co. N.A. now owns 45,000 shares of the asset manager’s stock valued at $4,029,000 after purchasing an additional 9,224 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of State Street by 0.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,891,862 shares of the asset manager’s stock valued at $169,378,000 after purchasing an additional 16,926 shares in the last quarter. Finally, LPL Financial LLC grew its holdings in shares of State Street by 6.6% during the first quarter. LPL Financial LLC now owns 123,407 shares of the asset manager’s stock worth $11,049,000 after purchasing an additional 7,656 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the transaction, the executive vice president directly owned 38,626 shares of the company’s stock, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the subject of several recent research reports. Evercore ISI upped their price objective on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Keefe, Bruyette & Woods upped their price target on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. BMO Capital Markets initiated coverage on shares of State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target on the stock. Finally, Cowen reissued a “buy” rating on shares of State Street in a research note on Tuesday, October 21st. Two 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 assigned a Sell rating to the stock. According to data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Stock Up 0.8%

Shares of NYSE STT opened at $114.05 on Thursday. The company’s 50 day moving average price is $115.21 and its 200-day moving average price is $108.72. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $122.69. The company has a market capitalization of $31.86 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47.

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

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.