Quadrant Capital Group LLC Increases Stake in State Street Corporation $STT

Quadrant Capital Group LLC boosted its stake in State Street Corporation (NYSE:STT) by 49.7% in the second quarter, Holdings Channel.com reports. The firm owned 11,383 shares of the asset manager’s stock after acquiring an additional 3,781 shares during the quarter. Quadrant Capital Group LLC’s holdings in State Street were worth $1,210,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of STT. Nuveen LLC purchased a new stake in shares of State Street during the 1st quarter valued at $93,016,000. Invesco Ltd. boosted its holdings in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after acquiring an additional 674,120 shares during the last quarter. Panagora Asset Management Inc. grew its position in State Street by 5,058.7% during the first quarter. Panagora Asset Management Inc. now owns 465,673 shares of the asset manager’s stock valued at $41,692,000 after acquiring an additional 456,646 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in State Street during the second quarter worth about $42,281,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of State Street by 16.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,696,326 shares of the asset manager’s stock worth $241,403,000 after purchasing an additional 387,196 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the 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 completion of the transaction, the executive vice president owned 38,626 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on STT. Cowen reiterated a “buy” rating on shares of State Street in a report on Tuesday, October 21st. BMO Capital Markets initiated coverage on shares of State Street in a research note on Friday, October 3rd. They set an “outperform” rating and a $130.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Finally, The Goldman Sachs Group increased their price target on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a report 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 given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $125.92.

State Street Price Performance

Shares of STT stock opened at $119.02 on Friday. The firm has a fifty day simple moving average of $115.75 and a 200-day simple moving average of $109.83. The company has a market capitalization of $33.24 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $122.69. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. The firm had revenue of $3.55 billion for 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%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.26 EPS. Equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal 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.