State Street Corporation $STT Stake Lifted by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. increased its position in shares of State Street Corporation (NYSE:STT) by 16.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,147 shares of the asset manager’s stock after purchasing an additional 3,924 shares during the period. Rockefeller Capital Management L.P.’s holdings in State Street were worth $2,887,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in shares of State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after purchasing an additional 674,120 shares during the period. Geode Capital Management LLC boosted its stake in State Street by 0.4% during the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after buying an additional 27,098 shares in the last quarter. Northern Trust Corp grew its holdings in State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after acquiring an additional 115,751 shares during the period. Dimensional Fund Advisors LP grew its holdings in State Street by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after acquiring an additional 14,011 shares during the period. Finally, Eastern Bank raised its position in State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after acquiring an additional 2,947,153 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the company’s 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 transaction, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by corporate insiders.

State Street Stock Up 0.9%

Shares of NYSE:STT opened at $114.32 on Friday. The company has a market cap of $31.93 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. The firm has a 50 day simple moving average of $115.25 and a 200 day simple moving average of $109.05. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $122.69.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on STT shares. Evercore ISI raised their price objective on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. TD Cowen started coverage on shares of State Street in a report on Thursday, September 25th. They set a “buy” rating for the company. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Wells Fargo & Company increased their price objective on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Finally, BMO Capital Markets started coverage on State Street in a report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $125.92.

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, 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.