Illinois Municipal Retirement Fund Acquires 6,177 Shares of State Street Corporation $STT

Illinois Municipal Retirement Fund grew its holdings in State Street Corporation (NYSE:STT) by 11.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 60,720 shares of the asset manager’s stock after purchasing an additional 6,177 shares during the period. Illinois Municipal Retirement Fund’s holdings in State Street were worth $6,457,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Invesco Ltd. grew its position in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after acquiring an additional 674,120 shares during the last quarter. Northern Trust Corp boosted its stake in shares of State Street by 2.8% in the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock valued at $381,770,000 after purchasing an additional 115,751 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of State Street by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock valued at $274,732,000 after purchasing an additional 14,011 shares in the last quarter. Eastern Bank increased its position in State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of State Street by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager’s stock worth $242,932,000 after buying an additional 49,353 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the topic of a number of research reports. 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 research report on Monday, October 6th. Morgan Stanley lifted their price target on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Citigroup raised their price objective on shares of State Street from $130.00 to $136.00 and gave the company a “buy” rating in a report on Friday, October 24th. Finally, BMO Capital Markets initiated coverage on shares of 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 research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and an average price target of $125.92.

State Street Trading Down 0.2%

Shares of STT stock opened at $119.49 on Wednesday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $120.81. 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 stock has a market cap of $33.37 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.24 and a beta of 1.47. The stock has a 50-day moving average of $114.76 and a 200-day moving average of $107.71.

State Street (NYSE:STT) last announced its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating the consensus estimate of $2.57 by $0.21. The business had revenue of $13 billion for the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The firm’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.26 earnings per share. On average, equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction 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 sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.29% of the company’s stock.

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.