GAM Holding AG purchased a new position in State Street Corp (NYSE:STT) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 17,386 shares of the asset manager’s stock, valued at approximately $1,457,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Acadian Asset Management LLC raised its holdings in shares of State Street by 10,354.8% in the 2nd quarter. Acadian Asset Management LLC now owns 8,782 shares of the asset manager’s stock worth $818,000 after purchasing an additional 8,698 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of State Street by 8.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 17,707 shares of the asset manager’s stock worth $1,648,000 after purchasing an additional 1,313 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in shares of State Street by 6.7% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 33,970 shares of the asset manager’s stock worth $3,162,000 after purchasing an additional 2,127 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of State Street by 1.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 35,179 shares of the asset manager’s stock worth $3,275,000 after purchasing an additional 604 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of State Street by 8,388.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,122 shares of the asset manager’s stock worth $198,000 after purchasing an additional 2,097 shares during the period. Hedge funds and other institutional investors own 87.22% of the company’s stock.
A number of equities research analysts recently commented on the stock. Morgan Stanley raised shares of State Street from an “equal weight” rating to an “overweight” rating in a report on Monday, September 10th. Zacks Investment Research upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Wednesday. Deutsche Bank reduced their price objective on shares of State Street from $92.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, November 16th. Wells Fargo & Co set a $105.00 price objective on shares of State Street and gave the company a “buy” rating in a research note on Thursday, August 16th. Finally, Credit Suisse Group reduced their price objective on shares of State Street from $103.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, October 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $102.47.
State Street stock opened at $67.81 on Thursday. State Street Corp has a 1-year low of $65.81 and a 1-year high of $114.27. The company has a market capitalization of $25.74 billion, a P/E ratio of 11.38, a price-to-earnings-growth ratio of 0.99 and a beta of 1.35. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.50.
State Street (NYSE:STT) last released its quarterly earnings data on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.02). State Street had a net margin of 19.90% and a return on equity of 14.99%. The business had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $3.02 billion. During the same quarter in the prior year, the firm posted $1.71 earnings per share. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. Sell-side analysts forecast that State Street Corp will post 7.42 EPS for the current year.
In other news, Director Saint-Aignan Patrick De purchased 500 shares of State Street stock in a transaction dated Tuesday, October 23rd. The stock was purchased at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the transaction, the director now directly owns 25,138 shares of the company’s stock, valued at $1,724,969.56. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Louis D. Maiuri purchased 740 shares of State Street stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 45,314 shares in the company, valued at $3,063,226.40. The disclosure for this purchase can be found here. 0.40% of the stock is owned by insiders.
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; 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.
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