Cornerstone Investment Partners LLC increased its holdings in State Street Corp (NYSE:STT) by 16.4% in the third quarter, HoldingsChannel.com reports. The firm owned 536,540 shares of the asset manager’s stock after purchasing an additional 75,661 shares during the period. Cornerstone Investment Partners LLC’s holdings in State Street were worth $44,951,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in State Street during the second quarter valued at about $109,000. Delta Asset Management LLC TN purchased a new stake in State Street during the second quarter valued at about $142,000. Private Capital Group LLC grew its position in State Street by 2,270.9% during the first quarter. Private Capital Group LLC now owns 1,873 shares of the asset manager’s stock valued at $188,000 after acquiring an additional 1,794 shares during the period. Financial Gravity Wealth Inc. purchased a new stake in State Street during the first quarter valued at about $193,000. Finally, Altium Wealth Management LLC purchased a new stake in State Street during the first quarter valued at about $207,000. 86.88% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE STT traded down $6.65 on Friday, hitting $73.05. The company had a trading volume of 647,705 shares, compared to its average volume of 2,781,368. State Street Corp has a 12-month low of $79.46 and a 12-month high of $114.27. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market capitalization of $30.05 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.13 and a beta of 1.22.
In related news, insider Jeff D. Conway sold 343 shares of the business’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $83.16, for a total value of $28,523.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP George E. Sullivan sold 1,611 shares of the business’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $83.18, for a total value of $134,002.98. Following the completion of the transaction, the executive vice president now owns 58,847 shares in the company, valued at approximately $4,894,893.46. The disclosure for this sale can be found here. Insiders sold 26,954 shares of company stock valued at $2,237,777 in the last ninety days. Company insiders own 0.40% of the company’s stock.
A number of equities research analysts have issued reports on the company. Goldman Sachs Group assumed coverage on State Street in a research report on Thursday, October 11th. They set a “buy” rating for the company. UBS Group boosted their price target on State Street from $96.00 to $98.00 and gave the company a “buy” rating in a research report on Monday, October 8th. Keefe, Bruyette & Woods set a $90.00 price target on State Street and gave the company a “hold” rating in a research report on Tuesday, October 2nd. Deutsche Bank boosted their price target on State Street from $98.00 to $99.00 and gave the company a “buy” rating in a research report on Thursday, September 27th. Finally, Wolfe Research assumed coverage on State Street in a research report on Tuesday, September 25th. They set a “market perform” rating for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. State Street has an average rating of “Hold” and a consensus target price of $105.07.
About State Street
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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