Oak Associates Ltd. OH Buys 6,566 Shares of State Street Corporation $STT

Oak Associates Ltd. OH raised its position in shares of State Street Corporation (NYSE:STT) by 9.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 73,177 shares of the asset manager’s stock after acquiring an additional 6,566 shares during the period. Oak Associates Ltd. OH’s holdings in State Street were worth $7,782,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Invesco Ltd. increased its stake in State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after purchasing an additional 674,120 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of State Street by 0.4% during the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after purchasing an additional 27,098 shares in the last quarter. Northern Trust Corp boosted its position in shares of State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock valued at $381,770,000 after buying an additional 115,751 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in 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 worth $274,732,000 after buying an additional 14,011 shares in the last quarter. Finally, Eastern Bank grew its stake in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after acquiring an additional 2,947,153 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods raised their target price on shares of State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. BMO Capital Markets initiated coverage on shares of State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective for the company. Morgan Stanley boosted their price objective on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Finally, Wells Fargo & Company upped their price target on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Two 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.92.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the transaction, the executive vice president owned 38,626 shares in the company, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.29% of the company’s stock.

State Street Stock Up 0.7%

NYSE STT opened at $115.12 on Tuesday. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $122.69. The firm has a market capitalization of $32.15 billion, a price-to-earnings ratio of 12.18, a PEG 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 company has a fifty day moving average of $115.31 and a two-hundred day moving average of $109.32.

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 firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.State Street’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company earned $2.26 EPS. On average, analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street 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.