State Street Corporation $STT Stock Bought by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. lifted its holdings in shares of State Street Corporation (NYSE:STT) by 8.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,440 shares of the asset manager’s stock after purchasing an additional 4,059 shares during the quarter. Rakuten Investment Management Inc.’s holdings in State Street were worth $8,789,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of State Street in the second quarter valued at approximately $4,139,389,000. State Street Corp grew its position in State Street by 1.2% during the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock worth $2,296,098,000 after buying an additional 163,362 shares in the last quarter. Regents of The University of California increased its stake in State Street by 15.6% during the 1st 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 during the period. Dimensional Fund Advisors LP increased its stake in State Street by 1.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager’s stock worth $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 increased its stake in State Street by 4.9% during 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 worth $502,402,000 after acquiring an additional 137,798 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at State Street

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

State Street Stock Performance

NYSE STT opened at $165.34 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $44.98 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 0.80 and a beta of 1.38. The firm’s 50 day simple moving average is $178.43 and its 200 day simple moving average is $159.46. State Street Corporation has a 1 year low of $111.63 and a 1 year high of $195.93.

State Street (NYSE:STT) last announced 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 business had revenue of $4 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the firm posted $2.78 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, research analysts expect that State Street Corporation will post 13.78 earnings per share for the current fiscal year.

Analysts Set New Price Targets

STT has been the subject of several analyst reports. The Goldman Sachs Group lifted their price objective on State Street from $211.00 to $215.00 and gave the company a “buy” rating in a report on Friday, October 2nd. Morgan Stanley increased their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Bank of America decreased their price target on State Street from $197.00 to $186.00 in a research report on Monday, October 5th. Weiss Ratings cut State Street from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, October 6th. Finally, DA Davidson dropped their price target on State Street from $200.00 to $191.00 and set a “buy” rating for the company in a research note on Thursday, October 15th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $193.97.

State Street Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.