State Street Corporation $STT Stake Increased by Ethic Inc.

Ethic Inc. increased its holdings in shares of State Street Corporation (NYSE:STT) by 15.8% in the third quarter, Holdings Channel reports. The firm owned 94,698 shares of the asset manager’s stock after acquiring an additional 12,894 shares during the period. Ethic Inc.’s holdings in State Street were worth $16,533,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of STT. BlackRock Inc. acquired a new position in State Street during the second quarter valued at approximately $4,139,389,000. State Street Corp increased its position in shares of State Street by 1.2% in the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock worth $2,296,098,000 after acquiring an additional 163,362 shares in the last quarter. Regents of The University of California increased its position in shares of State Street by 15.6% in the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after acquiring an additional 1,358,923 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of State Street by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager’s stock valued at $392,539,000 after acquiring an additional 51,754 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of State Street by 4.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,962,274 shares of the asset manager’s stock valued at $502,402,000 after acquiring an additional 137,798 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 0.3%

Shares of NYSE:STT opened at $165.69 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.02. State Street Corporation has a 52-week low of $111.63 and a 52-week high of $195.93. The company has a 50 day moving average of $177.88 and a two-hundred day moving average of $159.67. The company has a market capitalization of $45.08 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 0.77 and a beta of 1.38.

State Street (NYSE:STT) last posted its quarterly earnings data on Wednesday, October 14th. The asset manager reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.68 by $0.01. State Street had a net margin of 15.81% and a return on equity of 16.11%. The company had revenue of $4 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the firm posted $2.78 earnings per share. The business’s quarterly revenue was up 12.9% on a year-over-year basis. As a group, analysts forecast that State Street Corporation will post 13.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other State Street news, CEO Hanley Ronald P. O sold 14,554 shares of the business’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total value of $2,395,588.40. Following the transaction, the chief executive officer owned 215,905 shares in the company, valued at $35,537,963. The trade was a 6.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 7,099 shares of the company’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the transaction, the executive vice president directly owned 42,695 shares of the company’s stock, valued at approximately $7,199,657.85. The trade was a 14.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on STT shares. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. JPMorgan Chase & Co. increased their price target on State Street from $187.50 to $192.50 and gave the company a “neutral” rating in a report on Friday, October 30th. Capital One Financial set a $200.00 price objective on State Street in a research report on Tuesday, October 6th. Wells Fargo & Company raised their price objective on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Weiss Ratings cut State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, October 6th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $193.97.

About State Street

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792 as Union Bank, it has a long history serving institutional clients and is among the oldest financial institutions in the United States.

The company provides investment servicing, including custody, fund administration, accounting, and related middle- and back-office services. Its clients include asset managers, pension funds, insurers, and other financial institutions.

Through State Street Investment Management, the company also offers investment management services and investment products, including the SPDR family of exchange-traded funds.