Geode Capital Management LLC Buys 27,098 Shares of State Street Corporation $STT

Geode Capital Management LLC increased its position in State Street Corporation (NYSE:STT) by 0.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,412,130 shares of the asset manager’s stock after acquiring an additional 27,098 shares during the quarter. Geode Capital Management LLC owned about 2.61% of State Street worth $784,930,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Capital Analysts LLC raised its position in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC boosted its holdings in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after buying an additional 118 shares during the period. Zions Bancorporation National Association UT purchased a new stake in State Street in the 1st quarter worth $46,000. CVA Family Office LLC raised its holdings in State Street by 45.8% during the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock valued at $60,000 after acquiring an additional 176 shares during the period. Finally, Sarver Vrooman Wealth Advisors bought a new stake in State Street during the second quarter valued at about $77,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price objective on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Evercore ISI upped their price target on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Wells Fargo & Company increased their price objective on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group upped their target price on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, State Street has an average rating of “Moderate Buy” and an average price target of $125.92.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.29% of the company’s stock.

State Street Price Performance

State Street stock opened at $118.27 on Friday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $122.69. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The firm’s fifty day moving average is $115.01 and its 200 day moving average is $107.87. The company has a market cap of $33.03 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 EPS 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 analysts’ expectations of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business’s revenue was up 8.8% on a year-over-year basis. During the same period last year, the company posted $2.26 EPS. Sell-side analysts forecast that State Street Corporation will post 9.68 EPS 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.