Jennison Associates LLC Purchases New Holdings in State Street Corporation (NYSE:STT)

Jennison Associates LLC purchased a new position in shares of State Street Corporation (NYSE:STT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,114 shares of the asset manager’s stock, valued at approximately $584,000.

Other institutional investors also recently modified their holdings of the company. Candriam Luxembourg S.C.A. raised its position in State Street by 103.7% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 77,169 shares of the asset manager’s stock worth $7,373,000 after buying an additional 39,278 shares during the last quarter. Brown Advisory Securities LLC grew its stake in State Street by 24.6% in the 3rd quarter. Brown Advisory Securities LLC now owns 3,261 shares of the asset manager’s stock valued at $311,000 after acquiring an additional 643 shares during the last quarter. Breton Hill Capital Ltd. boosted its stake in shares of State Street by 17.8% during the 3rd quarter. Breton Hill Capital Ltd. now owns 12,215 shares of the asset manager’s stock worth $1,167,000 after purchasing an additional 1,846 shares during the last quarter. Sandy Spring Bank boosted its stake in shares of State Street by 10.8% during the 3rd quarter. Sandy Spring Bank now owns 57,504 shares of the asset manager’s stock worth $5,494,000 after purchasing an additional 5,614 shares during the last quarter. Finally, Advantus Capital Management Inc boosted its stake in shares of State Street by 5.9% during the 3rd quarter. Advantus Capital Management Inc now owns 37,723 shares of the asset manager’s stock worth $3,604,000 after purchasing an additional 2,096 shares during the last quarter. Institutional investors and hedge funds own 88.10% of the company’s stock.

Shares of State Street Corporation (NYSE:STT) traded down $0.31 during midday trading on Wednesday, hitting $96.52. The company had a trading volume of 1,385,878 shares, compared to its average volume of 1,969,512. State Street Corporation has a twelve month low of $74.45 and a twelve month high of $99.99. The firm has a market capitalization of $36,008.24, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 1.66 and a beta of 1.35. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61.

State Street (NYSE:STT) last announced its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.61 by $0.10. The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.94 billion. State Street had a return on equity of 13.03% and a net margin of 20.56%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.35 earnings per share. equities analysts anticipate that State Street Corporation will post 6.25 EPS for the current year.

Several research firms recently issued reports on STT. Wells Fargo & Company began coverage on shares of State Street in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 target price on the stock. Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a research note on Wednesday, August 30th. ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Jefferies Group reaffirmed a “hold” rating and issued a $100.00 price objective on shares of State Street in a report on Friday, September 15th. Finally, Citigroup reissued a “neutral” rating and set a $102.00 price target (up previously from $88.00) on shares of State Street in a report on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $96.47.

In other news, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,724 shares of company stock worth $2,659,741. 0.71% of the stock is owned by company insiders.

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About State Street

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

Institutional Ownership by Quarter for State Street (NYSE:STT)

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