Stablepoint Partners LLC Acquires New Holdings in State Street Corporation $STT

Stablepoint Partners LLC bought a new position in State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,199 shares of the asset manager’s stock, valued at approximately $234,000.

Several other hedge funds also recently modified their holdings of STT. Schroder Investment Management Group lifted its stake in shares of State Street by 17.6% in the 2nd quarter. Schroder Investment Management Group now owns 165,588 shares of the asset manager’s stock valued at $17,609,000 after purchasing an additional 24,778 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in shares of State Street by 25.4% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 248,314 shares of the asset manager’s stock worth $26,406,000 after buying an additional 50,284 shares during the last quarter. Virtus Investment Advisers LLC bought a new stake in shares of State Street during the 2nd quarter worth about $1,687,000. Norges Bank acquired a new position in shares of State Street during the 2nd quarter valued at about $256,367,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of State Street by 20.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,333 shares of the asset manager’s stock valued at $1,630,000 after acquiring an additional 2,648 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

NYSE STT opened at $119.02 on Friday. The company’s fifty day moving average is $115.75 and its two-hundred day moving average is $109.83. State Street Corporation has a 52-week low of $72.81 and a 52-week 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 firm has a market capitalization of $33.24 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last released its earnings results 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 net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter last year, the company earned $2.26 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

Analyst Ratings Changes

STT has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Cowen reiterated a “buy” rating on shares of State Street in a report on Tuesday, October 21st. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Evercore ISI raised their price target on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Finally, TD Cowen initiated coverage on State Street in a research note on Thursday, September 25th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $125.92.

Insider Activity at State Street

In other State Street 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 value of $175,860.00. Following the completion of the sale, the executive vice president owned 38,626 shares in the company, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

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.