State Street Corporation (STT) is Davidson Investment Advisors’ 7th Largest Position
Davidson Investment Advisors raised its stake in State Street Corporation (NYSE:STT) by 28.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 246,573 shares of the asset manager’s stock after acquiring an additional 55,197 shares during the period. State Street Corporation makes up 2.5% of Davidson Investment Advisors’ portfolio, making the stock its 7th biggest position. Davidson Investment Advisors owned approximately 0.07% of State Street Corporation worth $23,557,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of State Street Corporation by 1.9% in the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock worth $2,155,556,000 after acquiring an additional 448,658 shares during the last quarter. FMR LLC grew its stake in shares of State Street Corporation by 10.8% in the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock worth $1,793,591,000 after acquiring an additional 1,940,536 shares during the last quarter. Longview Partners Guernsey LTD grew its stake in shares of State Street Corporation by 6.5% in the third quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock worth $770,313,000 after acquiring an additional 493,244 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of State Street Corporation by 0.3% in the third quarter. Bank of New York Mellon Corp now owns 4,349,477 shares of the asset manager’s stock worth $415,547,000 after acquiring an additional 13,453 shares during the last quarter. Finally, Capital International Investors grew its stake in shares of State Street Corporation by 33.3% in the second quarter. Capital International Investors now owns 3,533,631 shares of the asset manager’s stock worth $317,073,000 after acquiring an additional 883,431 shares during the last quarter. 87.88% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently commented on STT shares. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a research note on Thursday, July 27th. Barclays PLC increased their target price on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Wells Fargo & Company started coverage on State Street Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 target price on the stock. Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the stock a “hold” rating in a research note on Monday, August 28th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $100.00 target price on shares of State Street Corporation in a research note on Friday, September 15th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. State Street Corporation has an average rating of “Hold” and a consensus price target of $96.47.
Shares of State Street Corporation (NYSE:STT) traded down $0.39 during trading hours on Thursday, hitting $92.67. The stock had a trading volume of 1,086,000 shares, compared to its average volume of 1,963,182. The company has a market capitalization of $34,510.06, a P/E ratio of 15.33, a P/E/G ratio of 1.59 and a beta of 1.36. 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 Corporation has a 1 year low of $74.45 and a 1 year high of $99.99.
State Street Corporation (NYSE:STT) last posted its 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. State Street Corporation had a return on equity of 13.03% and a net margin of 20.56%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the company earned $1.35 earnings per share. State Street Corporation’s revenue was up 7.7% on a year-over-year basis. sell-side analysts expect that State Street Corporation will post 6.25 EPS for the current year.
In other State Street Corporation news, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total value of $296,448.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Andrew Erickson sold 354 shares of the stock in a transaction dated Thursday, November 16th. The shares were 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 three months, insiders sold 28,724 shares of company stock worth $2,659,741. 0.71% of the stock is owned by corporate insiders.
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State Street Corporation 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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