Vanguard Group Inc. Boosts Stake in State Street Corporation $STT

Vanguard Group Inc. grew its position in State Street Corporation (NYSE:STT) by 0.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,212,748 shares of the asset manager’s stock after acquiring an additional 88,089 shares during the quarter. Vanguard Group Inc. owned about 13.12% of State Street worth $3,957,204,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital Analysts LLC raised its position in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after buying an additional 274 shares during the last quarter. Larson Financial Group LLC raised its stake 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 worth $36,000 after buying an additional 118 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of State Street in the first quarter valued at about $46,000. CVA Family Office LLC grew its holdings in State Street by 45.8% during the 2nd quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock valued at $60,000 after buying an additional 176 shares during the last quarter. Finally, WPG Advisers LLC purchased a new stake in State Street during the 1st quarter worth about $77,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on STT shares. Keefe, Bruyette & Woods upped their price objective on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Truist Financial reduced their price target on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. The Goldman Sachs Group raised 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. TD Cowen assumed coverage on State Street in a research note on Thursday, September 25th. They issued a “buy” rating for the company. Finally, BMO Capital Markets initiated coverage on State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $125.92.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, October 27th. The stock was 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 of the company’s stock, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.29% of the stock is currently owned by company insiders.

State Street Stock Up 0.8%

Shares of NYSE STT opened at $114.05 on Thursday. The stock has a market capitalization of $31.86 billion, a PE ratio of 12.07, a P/E/G ratio of 1.24 and a beta of 1.47. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The firm has a fifty day moving average of $115.21 and a 200-day moving average of $108.72. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $122.69.

State Street (NYSE:STT) last issued its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same period last year, the company posted $2.26 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis. On average, analysts anticipate that State Street Corporation will post 9.68 EPS 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.