Neo Ivy Capital Management Boosts Stock Position in State Street Corporation $STT

Neo Ivy Capital Management boosted its position in shares of State Street Corporation (NYSE:STT) by 168.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,046 shares of the asset manager’s stock after acquiring an additional 13,220 shares during the quarter. Neo Ivy Capital Management’s holdings in State Street were worth $2,222,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of STT. Capital Analysts LLC grew its holdings in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in State Street in the 1st quarter valued at approximately $46,000. CVA Family Office LLC grew its stake in shares of State Street by 45.8% in the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after acquiring an additional 176 shares in the last quarter. WPG Advisers LLC acquired a new position in shares of State Street in the first quarter worth $77,000. Finally, Sarver Vrooman Wealth Advisors purchased a new stake in shares of State Street during the second quarter worth $77,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on STT. TD Cowen began coverage on State Street in a report on Thursday, September 25th. They issued a “buy” rating for the company. Keefe, Bruyette & Woods lifted their price objective on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Citigroup boosted their price objective on State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. Truist Financial reduced their target price on shares of State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a report on Monday, October 20th. Finally, The Goldman Sachs Group lifted their price target on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.92.

Insider Activity

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the transaction, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.

State Street Trading Down 0.6%

NYSE STT opened at $113.34 on Friday. The firm’s fifty day moving average price is $115.21 and its 200 day moving average price is $108.75. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $122.69. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The company has a market capitalization of $31.66 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth 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. The company 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 revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.26 earnings per share. On average, sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

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, 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.