State Board of Administration of Florida Retirement System Acquires 3,310 Shares of State Street Corporation $STT

State Board of Administration of Florida Retirement System raised its holdings in State Street Corporation (NYSE:STT) by 1.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294,726 shares of the asset manager’s stock after purchasing an additional 3,310 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.10% of State Street worth $31,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Nuveen LLC purchased a new stake in State Street during the first quarter worth about $93,016,000. Invesco Ltd. boosted its stake in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after acquiring an additional 674,120 shares during the last quarter. Panagora Asset Management Inc. grew its position in shares of State Street by 5,058.7% during the 1st quarter. Panagora Asset Management Inc. now owns 465,673 shares of the asset manager’s stock valued at $41,692,000 after acquiring an additional 456,646 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of State Street during the 2nd quarter worth approximately $42,281,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of State Street by 16.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,696,326 shares of the asset manager’s stock worth $241,403,000 after purchasing an additional 387,196 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on STT. Truist Financial cut their price target on State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research note on Monday, October 20th. BMO Capital Markets assumed coverage on State Street in a research note on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective on the stock. Cowen reiterated a “buy” rating on shares of State Street in a research report on Tuesday, October 21st. The Goldman Sachs Group lifted their target price on shares of State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $125.92.

State Street Stock Up 1.2%

STT opened at $119.02 on Friday. The business’s fifty day simple moving average is $115.75 and its 200 day simple moving average is $109.83. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $122.69. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The stock has a market cap of $33.24 billion, a PE ratio of 12.59, a P/E/G ratio of 1.24 and a beta of 1.47.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.26 EPS. As a group, research analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street 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, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.