State Street Corporation $STT Stock: Rakuten Investment Management Inc. Boosts Holdings

Rakuten Investment Management Inc. lifted its stake in shares of State Street Corporation (NYSE:STT) by 8.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,440 shares of the asset manager’s stock after purchasing an additional 4,059 shares during the quarter. Rakuten Investment Management Inc.’s holdings in State Street were worth $8,789,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in State Street in the second quarter valued at approximately $4,139,389,000. State Street Corp grew its stake in shares of State Street by 1.2% during the second quarter. State Street Corp now owns 13,538,311 shares of the asset manager’s stock worth $2,296,098,000 after buying an additional 163,362 shares during the last quarter. Regents of The University of California increased its holdings in shares of State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after buying an additional 1,358,923 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of State Street by 4.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,962,274 shares of the asset manager’s stock worth $502,402,000 after buying an additional 137,798 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of State Street by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager’s stock valued at $392,539,000 after acquiring an additional 51,754 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Down 4.7%

Shares of NYSE STT opened at $165.34 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 52-week low of $111.63 and a 52-week high of $195.93. The firm has a 50 day moving average price of $178.43 and a two-hundred day moving average price of $159.46. The stock has a market cap of $44.98 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 0.80 and a beta of 1.38.

State Street (NYSE:STT) last issued its quarterly earnings results on Wednesday, October 14th. The asset manager reported $3.69 EPS for the quarter, topping analysts’ consensus estimates of $3.68 by $0.01. State Street had a net margin of 15.81% and a return on equity of 16.11%. The company had revenue of $4 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the business earned $2.78 earnings per share. State Street’s revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts forecast that State Street Corporation will post 13.78 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on STT. Wells Fargo & Company raised their price objective on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Bank of America reduced their price objective on State Street from $197.00 to $186.00 in a research report on Monday, October 5th. Keefe, Bruyette & Woods upped their target price on State Street from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, October 15th. Royal Bank Of Canada dropped their target price on State Street from $196.00 to $175.00 and set a “sector perform” rating for the company in a research report on Thursday, October 15th. Finally, JPMorgan Chase & Co. lifted their price target on State Street from $187.50 to $192.50 and gave the company a “neutral” rating in a research note on Friday, October 30th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $193.97.

Insiders Place Their Bets

In related news, EVP W. Hu sold 7,099 shares of the firm’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $168.63, for a total transaction of $1,197,104.37. Following the completion of the transaction, the executive vice president directly owned 42,695 shares of the company’s stock, valued at $7,199,657.85. This trade represents a 14.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,554 shares of State Street stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $164.60, for a total value of $2,395,588.40. Following the transaction, the chief executive officer directly owned 215,905 shares in the company, valued at $35,537,963. The trade was a 6.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.27% of the company’s stock.

State Street Profile

State Street Corporation is a financial services holding company headquartered in Boston, Massachusetts. Founded in 1792, it provides services primarily to institutional investors, including asset owners, asset managers, insurance companies, official institutions and other financial organizations.

The company’s businesses include investment servicing, asset management, securities finance, foreign exchange, and trading and research services. Through its servicing operations, State Street provides custody, fund accounting, administration, investment operations, transfer agency and related support.