Groupama Asset Managment Invests $1.20 Million in State Street Corporation $STT

Groupama Asset Managment acquired a new stake in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 11,336 shares of the asset manager’s stock, valued at approximately $1,202,000.

A number of other large investors also recently added to or reduced their stakes in the business. Harbour Investments Inc. boosted its position in State Street by 11.7% during the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock valued at $108,000 after buying an additional 106 shares during the period. McAdam LLC boosted its holdings in State Street by 1.7% during the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock valued at $707,000 after acquiring an additional 111 shares during the period. Smartleaf Asset Management LLC grew its position in State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock worth $201,000 after acquiring an additional 126 shares during the last quarter. Brighton Jones LLC increased its stake in State Street by 4.7% in the 2nd quarter. Brighton Jones LLC now owns 3,222 shares of the asset manager’s stock worth $343,000 after purchasing an additional 146 shares during the period. Finally, Ironwood Investment Counsel LLC lifted its position in State Street by 2.6% in the first quarter. Ironwood Investment Counsel LLC now owns 5,921 shares of the asset manager’s stock valued at $530,000 after purchasing an additional 149 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value 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. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, October 6th. BMO Capital Markets began coverage on shares of State Street in a report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price target on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Morgan Stanley raised their target price on State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Finally, TD Cowen began coverage on State Street in a research report on Thursday, September 25th. They set a “buy” rating for the company. Two 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Price Performance

Shares of NYSE STT opened at $119.02 on Friday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $122.69. The stock has a market capitalization of $33.24 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.24 and a beta of 1.47. The company’s 50-day moving average is $115.75 and its 200 day moving average is $109.83. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period in the previous year, the firm posted $2.26 EPS. The business’s revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

About State Street

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.