New York State Teachers Retirement System Increases Stake in State Street Corporation $STT

New York State Teachers Retirement System raised its stake in shares of State Street Corporation (NYSE:STT) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 285,535 shares of the asset manager’s stock after buying an additional 2,202 shares during the quarter. New York State Teachers Retirement System owned about 0.10% of State Street worth $30,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. First Pacific Financial purchased a new stake in State Street during the 1st quarter valued at approximately $25,000. Capital Analysts LLC grew its holdings in 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 buying an additional 274 shares in the last quarter. Larson Financial Group LLC grew its holdings in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after buying an additional 310 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in shares of State Street in the first quarter valued at $46,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on STT shares. Bank of America raised their target price on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a report on Wednesday, July 16th. Truist Financial raised their target price on shares of State Street from $125.00 to $133.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. Evercore ISI raised their target price on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and raised their target price for the company from $115.00 to $130.00 in a report on Friday, September 5th. Finally, Wells Fargo & Company raised their target price on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $122.83.

State Street Stock Down 1.5%

Shares of STT opened at $111.27 on Friday. The company has a market cap of $31.57 billion, a PE ratio of 12.46, a P/E/G ratio of 1.16 and a beta of 1.46. The business has a fifty day moving average of $113.60 and a 200 day moving average of $103.04. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The company had revenue of $13 billion during the quarter, compared to the consensus estimate of $3.43 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s revenue was up 8.8% on a year-over-year basis. During the same period last year, the company earned $2.26 earnings per share. On average, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current 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.