Eagle Asset Management Inc. raised its position in State Street Corporation (NYSE:STT) by 1,398.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,437 shares of the asset manager’s stock after purchasing an additional 31,205 shares during the period. Eagle Asset Management Inc.’s holdings in State Street were worth $3,221,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Raymond James Trust N.A. lifted its holdings in State Street by 0.5% in the 2nd quarter. Raymond James Trust N.A. now owns 3,250 shares of the asset manager’s stock valued at $291,000 after purchasing an additional 17 shares in the last quarter. Northern Capital Management LLC increased its stake in shares of State Street by 0.7% during the 2nd quarter. Northern Capital Management LLC now owns 10,770 shares of the asset manager’s stock valued at $966,000 after acquiring an additional 75 shares during the last quarter. Stephens Inc. AR increased its stake in shares of State Street by 1.6% during the 2nd quarter. Stephens Inc. AR now owns 4,793 shares of the asset manager’s stock valued at $430,000 after acquiring an additional 76 shares during the last quarter. MAI Capital Management increased its stake in shares of State Street by 0.4% during the 2nd quarter. MAI Capital Management now owns 22,444 shares of the asset manager’s stock valued at $2,014,000 after acquiring an additional 96 shares during the last quarter. Finally, Peapack Gladstone Financial Corp increased its stake in shares of State Street by 3.0% during the 2nd quarter. Peapack Gladstone Financial Corp now owns 3,483 shares of the asset manager’s stock valued at $313,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 88.10% of the company’s stock.
A number of research analysts have recently commented on STT shares. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $111.00 price objective for the company in a research note on Wednesday, October 11th. Morgan Stanley upped their price objective on shares of State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Keefe, Bruyette & Woods set a $93.00 price objective on shares of State Street and gave the company a “hold” rating in a research note on Monday, August 28th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $100.00 price objective on shares of State Street in a research note on Friday, September 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $96.47.
State Street Corporation (NYSE:STT) traded down $0.27 on Wednesday, reaching $96.83. 2,376,700 shares of the company were exchanged, compared to its average volume of 1,972,006. The firm has a market cap of $36,008.24, a P/E ratio of 16.00, a PEG ratio of 1.66 and a beta of 1.35. State Street Corporation has a 12-month low of $74.45 and a 12-month high of $99.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48.
State Street (NYSE:STT) last posted its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.10. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.35 EPS. analysts expect that State Street Corporation will post 6.25 EPS for the current year.
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State Street Company Profile
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.
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