Wealthfront Advisers LLC Increases Stock Position in State Street Corporation $STT

Wealthfront Advisers LLC boosted its holdings in shares of State Street Corporation (NYSE:STT) by 32.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 67,897 shares of the asset manager’s stock after purchasing an additional 16,477 shares during the period. Wealthfront Advisers LLC’s holdings in State Street were worth $7,220,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. University of Texas Texas AM Investment Management Co. increased its stake in State Street by 59.8% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 124,012 shares of the asset manager’s stock valued at $13,187,000 after buying an additional 46,431 shares during the period. Brighton Jones LLC raised its stake in shares of State Street by 4.7% during the 2nd quarter. Brighton Jones LLC now owns 3,222 shares of the asset manager’s stock worth $343,000 after buying an additional 146 shares during the last quarter. CVA Family Office LLC raised its position in State Street by 45.8% during the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after acquiring an additional 176 shares during the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in State Street in the 2nd quarter valued at approximately $303,000. Finally, Allied Investment Advisors LLC lifted its position in shares of State Street by 2.7% in the second quarter. Allied Investment Advisors LLC now owns 124,385 shares of the asset manager’s stock valued at $13,227,000 after acquiring an additional 3,257 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. TD Cowen began coverage on shares of State Street in a research report on Thursday, September 25th. They set a “buy” rating on the stock. Citigroup increased their target price on shares of State Street from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday. Cowen reissued a “buy” rating on shares of State Street in a research 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 on the stock. Finally, Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Two research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $125.92.

State Street Price Performance

Shares of STT opened at $117.05 on Tuesday. 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 Corporation has a 12 month low of $72.81 and a 12 month high of $118.30. The stock has a fifty day moving average price of $114.04 and a 200 day moving average price of $104.84. The company has a market cap of $33.21 billion, a P/E ratio of 12.39, a PEG ratio of 1.23 and a beta of 1.46.

State Street (NYSE:STT) last posted its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. The firm had revenue of $13 billion during the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. State Street’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.26 EPS. On average, research analysts forecast 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.