Riverhead Capital Management LLC Raises Stake in State Street Corp (STT)
Riverhead Capital Management LLC raised its holdings in shares of State Street Corp (NYSE:STT) by 17.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 75,137 shares of the asset manager’s stock after acquiring an additional 11,095 shares during the quarter. Riverhead Capital Management LLC’s holdings in State Street were worth $6,295,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of STT. Longview Partners Guernsey LTD grew its stake in shares of State Street by 40.5% during the 3rd quarter. Longview Partners Guernsey LTD now owns 11,202,851 shares of the asset manager’s stock worth $938,575,000 after acquiring an additional 3,230,396 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of State Street by 7.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 27,934,535 shares of the asset manager’s stock worth $2,340,355,000 after acquiring an additional 1,830,069 shares in the last quarter. BlackRock Inc. grew its stake in shares of State Street by 5.7% during the 3rd quarter. BlackRock Inc. now owns 22,719,665 shares of the asset manager’s stock worth $1,903,454,000 after acquiring an additional 1,224,497 shares in the last quarter. American Century Companies Inc. grew its stake in shares of State Street by 456.6% during the 3rd quarter. American Century Companies Inc. now owns 1,304,362 shares of the asset manager’s stock worth $109,279,000 after acquiring an additional 1,070,025 shares in the last quarter. Finally, Coho Partners Ltd. grew its stake in shares of State Street by 23.9% during the 3rd quarter. Coho Partners Ltd. now owns 2,012,729 shares of the asset manager’s stock worth $168,626,000 after acquiring an additional 388,752 shares in the last quarter. 87.22% of the stock is owned by institutional investors.
NYSE:STT opened at $65.21 on Thursday. State Street Corp has a 1-year low of $65.81 and a 1-year high of $114.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market capitalization of $25.74 billion, a P/E ratio of 10.94, a PEG ratio of 0.99 and a beta of 1.35.
In related news, EVP Louis D. Maiuri acquired 740 shares of State Street stock in a transaction on Wednesday, October 24th. The stock was purchased at an average cost of $67.60 per share, with a total value of $50,024.00. Following the completion of the transaction, the executive vice president now directly owns 45,314 shares in the company, valued at approximately $3,063,226.40. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Saint-Aignan Patrick De acquired 500 shares of State Street stock in a transaction on Tuesday, October 23rd. The shares were bought at an average cost of $68.62 per share, with a total value of $34,310.00. Following the completion of the transaction, the director now owns 25,138 shares of the company’s stock, valued at $1,724,969.56. The disclosure for this purchase can be found here. Insiders own 0.40% of the company’s stock.
Several equities analysts have recently weighed in on STT shares. Deutsche Bank raised their price target on shares of State Street from $98.00 to $99.00 and gave the stock a “buy” rating in a research note on Thursday, September 27th. Wells Fargo & Co set a $105.00 target price on shares of State Street and gave the company a “buy” rating in a research note on Thursday, August 16th. Goldman Sachs Group began coverage on shares of State Street in a research note on Thursday, October 11th. They issued a “buy” rating for the company. UBS Group raised their target price on shares of State Street from $96.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, October 8th. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $95.00 target price on shares of State Street in a research note on Sunday, October 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $100.93.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company 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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