Morningstar Investment Services LLC Purchases Shares of 130,953 State Street Corp (NYSE:STT)
Morningstar Investment Services LLC acquired a new stake in State Street Corp (NYSE:STT) in the second quarter, HoldingsChannel reports. The institutional investor acquired 130,953 shares of the asset manager’s stock, valued at approximately $7,341,000.
Several other hedge funds have also made changes to their positions in the company. Norinchukin Bank The raised its holdings in shares of State Street by 0.7% in the 1st quarter. Norinchukin Bank The now owns 29,898 shares of the asset manager’s stock worth $1,968,000 after buying an additional 200 shares in the last quarter. Resources Investment Advisors Inc. lifted its position in shares of State Street by 28.7% during the 1st quarter. Resources Investment Advisors Inc. now owns 919 shares of the asset manager’s stock worth $60,000 after buying an additional 205 shares during the period. McGuire Investment Group LLC lifted its position in shares of State Street by 0.8% during the 2nd quarter. McGuire Investment Group LLC now owns 27,353 shares of the asset manager’s stock worth $1,533,000 after buying an additional 212 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in State Street by 0.6% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 40,225 shares of the asset manager’s stock valued at $2,255,000 after buying an additional 236 shares in the last quarter. Finally, NuWave Investment Management LLC boosted its stake in State Street by 50.8% in the 2nd quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock valued at $42,000 after buying an additional 250 shares in the last quarter. Institutional investors own 89.89% of the company’s stock.
In related news, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total value of $1,293,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hanley Ronald P. O purchased 7,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was bought at an average cost of $50.43 per share, with a total value of $353,010.00. Following the acquisition, the chief executive officer now owns 127,235 shares of the company’s stock, valued at $6,416,461.05. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 11,000 shares of company stock valued at $577,375. Insiders own 0.40% of the company’s stock.
State Street (NYSE:STT) last issued its quarterly earnings data on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.05. The firm had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street had a net margin of 17.66% and a return on equity of 12.13%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.05 EPS. As a group, sell-side analysts anticipate that State Street Corp will post 5.72 EPS for the current fiscal year.
STT has been the topic of a number of analyst reports. Buckingham Research lowered their price target on State Street from $83.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, June 12th. UBS Group lifted their price objective on State Street from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Morgan Stanley downgraded shares of State Street from an “overweight” rating to an “underweight” rating and reduced their target price for the company from $69.00 to $55.00 in a research note on Monday, July 8th. Wells Fargo & Co set a $55.00 price target on shares of State Street and gave the company a “hold” rating in a report on Friday, August 16th. Finally, Bank of America restated a “buy” rating and issued a $65.00 price target (down from $75.00) on shares of State Street in a research report on Thursday, June 6th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. State Street presently has a consensus rating of “Hold” and an average target price of $67.75.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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