NorthCoast Asset Management LLC Takes Position in State Street Corporation (STT)
NorthCoast Asset Management LLC bought a new position in State Street Corporation (NYSE:STT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,527 shares of the asset manager’s stock, valued at approximately $337,000.
Several other institutional investors have also recently added to or reduced their stakes in the company. Burt Wealth Advisors purchased a new position in shares of State Street in the third quarter worth approximately $297,000. Davidson Investment Advisors grew its position in State Street by 28.8% during the third quarter. Davidson Investment Advisors now owns 246,573 shares of the asset manager’s stock valued at $23,557,000 after purchasing an additional 55,197 shares in the last quarter. Norinchukin Bank The grew its position in State Street by 2.0% during the third quarter. Norinchukin Bank The now owns 36,126 shares of the asset manager’s stock valued at $3,451,000 after purchasing an additional 721 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in State Street by 1.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 81,528 shares of the asset manager’s stock valued at $7,789,000 after purchasing an additional 1,148 shares in the last quarter. Finally, Assetmark Inc. grew its position in State Street by 5.7% during the third quarter. Assetmark Inc. now owns 71,686 shares of the asset manager’s stock valued at $6,849,000 after purchasing an additional 3,849 shares in the last quarter. 87.88% of the stock is currently owned by institutional investors and hedge funds.
State Street Corporation (STT) traded down $0.21 during midday trading on Friday, reaching $92.46. 534,879 shares of the company’s stock were exchanged, compared to its average volume of 1,501,396. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The firm has a market capitalization of $34,287.59, a PE ratio of 15.23, a PEG ratio of 1.58 and a beta of 1.36. State Street Corporation has a 1 year low of $74.45 and a 1 year high of $99.99.
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, beating the Zacks’ consensus estimate of $1.61 by $0.10. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company earned $1.35 earnings per share. analysts expect that State Street Corporation will post 6.25 EPS for the current fiscal year.
A number of research analysts recently commented on the stock. Wells Fargo & Company assumed coverage on shares of State Street in a research report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price objective on the stock. Zacks Investment Research raised 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 report 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 LLC reaffirmed a “hold” rating and set a $100.00 price objective on shares of State Street in a research report on Friday, September 15th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $102.00 price objective (up from $88.00) on shares of State Street in a research report on Monday, October 9th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $96.47.
In other State Street news, insider Andrew Erickson sold 354 shares of State Street stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total value of $32,568.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total transaction of $296,448.00. The disclosure for this sale can be found here. Insiders sold 28,724 shares of company stock valued at $2,659,741 over the last quarter. Corporate insiders own 0.71% of the company’s stock.
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State Street 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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