Morningstar Investment Services LLC Buys Shares of 130,953 State Street Corp (NYSE:STT)
Morningstar Investment Services LLC purchased a new stake in shares of State Street Corp (NYSE:STT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 130,953 shares of the asset manager’s stock, valued at approximately $7,341,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norinchukin Bank The raised its position in shares of State Street by 0.7% during the 1st quarter. Norinchukin Bank The now owns 29,898 shares of the asset manager’s stock worth $1,968,000 after buying an additional 200 shares in the last quarter. Resources Investment Advisors Inc. increased its stake in shares of State Street by 28.7% during the first quarter. Resources Investment Advisors Inc. now owns 919 shares of the asset manager’s stock valued at $60,000 after acquiring an additional 205 shares during the period. McGuire Investment Group LLC raised its holdings in State Street by 0.8% during the second quarter. McGuire Investment Group LLC now owns 27,353 shares of the asset manager’s stock worth $1,533,000 after purchasing an additional 212 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in State Street by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 40,225 shares of the asset manager’s stock worth $2,255,000 after purchasing an additional 236 shares in the last quarter. Finally, NuWave Investment Management LLC lifted its position in State Street by 50.8% in the second quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock worth $42,000 after purchasing an additional 250 shares during the period. 89.89% of the stock is currently owned by institutional investors.
A number of brokerages have issued reports on STT. Morgan Stanley lowered State Street from an “overweight” rating to an “underweight” rating and decreased their price target for the company from $69.00 to $55.00 in a research note on Monday, July 8th. Royal Bank of Canada dropped their price objective on State Street from $80.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Wednesday, June 19th. Wells Fargo & Co set a $55.00 price objective on State Street and gave the company a “hold” rating in a report on Friday, August 16th. Raymond James raised their target price on State Street from $68.00 to $72.00 and gave the company a “strong-buy” rating in a research note on Monday, July 22nd. Finally, ValuEngine lowered State Street from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $67.75.
State Street (NYSE:STT) last announced its earnings results on Friday, July 19th. The asset manager reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.05. State Street had a return on equity of 12.13% and a net margin of 17.66%. The company had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period in the previous year, the firm earned $2.05 earnings per share. State Street’s revenue for the quarter was down 5.1% compared to the same quarter last year. Sell-side analysts expect that State Street Corp will post 5.72 EPS for the current year.
In other State Street news, EVP Jeffrey N. Carp sold 25,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total transaction of $1,293,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hanley Ronald P. O acquired 7,000 shares of State Street stock in a transaction on Thursday, August 29th. The shares were purchased at an average cost of $50.43 per share, with a total value of $353,010.00. Following the completion of the purchase, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at approximately $6,416,461.05. The disclosure for this purchase can be found here. Insiders purchased a total of 11,000 shares of company stock valued at $577,375 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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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