Vise Technologies Inc. Invests $400,000 in State Street Corporation $STT

Vise Technologies Inc. acquired a new stake in State Street Corporation (NYSE:STT) during the second quarter, HoldingsChannel reports. The fund acquired 3,766 shares of the asset manager’s stock, valued at approximately $400,000.

Other hedge funds also recently made changes to their positions in the company. Capital Analysts LLC raised its position in shares of State Street by 3,914.3% in 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 boosted its holdings in shares of 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 acquiring an additional 118 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in State Street in the first quarter valued at about $46,000. CVA Family Office LLC boosted its position in State Street by 45.8% during the 2nd quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after buying an additional 176 shares during the period. Finally, Sarver Vrooman Wealth Advisors acquired a new position in shares of State Street during the second quarter worth $77,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Performance

State Street stock opened at $116.75 on Friday. State Street Corporation has a 1-year low of $72.81 and a 1-year 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. The firm has a market capitalization of $32.61 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. The firm’s 50 day simple moving average is $115.09 and its 200 day simple moving average is $108.21.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same period in the previous year, the business earned $2.26 EPS. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the transaction, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Truist Financial lowered their target price on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Monday, October 20th. BMO Capital Markets assumed coverage on State Street in a report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price on the stock. The Goldman Sachs Group boosted their price objective on State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Finally, Morgan Stanley increased their price target on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. 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. Based on data from MarketBeat, State Street presently has an average rating of “Moderate Buy” and an average price target of $125.92.

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.