12,106 State Street Corporation $STT Shares Purchased by North Dakota State Investment Board

Key Points

• North Dakota State Investment Board increased its State Street stake by 146.1% in the third quarter, purchasing 12,106 additional shares and bringing its holdings to 20,392 shares valued at approximately $3.56 million.
• State Street reported quarterly EPS of $3.69, narrowly exceeding estimates, while revenue rose 12.9% year over year to $4 billion. Institutional investors own 87.44% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $189.74, although several firms recently lowered their targets; company executives also sold shares under pre-arranged trading plans.

North Dakota State Investment Board lifted its stake in State Street Corporation (NYSE:STT - Free Report) by 146.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,392 shares of the asset manager's stock after buying an additional 12,106 shares during the quarter. North Dakota State Investment Board's holdings in State Street were worth $3,560,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in State Street in the 2nd quarter worth approximately $4,139,389,000. Legal & General Group Plc purchased a new position in State Street during the second quarter valued at approximately $330,849,000. Bank of New York Mellon Corp purchased a new position in State Street during the second quarter valued at approximately $301,393,000. Bank of America Corp DE bought a new position in shares of State Street in the second quarter worth approximately $285,936,000. Finally, Regents of The University of California boosted its position in shares of State Street by 15.6% in 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 purchasing an additional 1,358,923 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 1.5%

Shares of STT opened at $173.39 on Thursday. The business's 50 day moving average is $180.70 and its 200 day moving average is $158.35. The company has a market capitalization of $47.63 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 0.78 and a beta of 1.41. State Street Corporation has a 12-month low of $111.63 and a 12-month high of $195.93. The company has a current ratio of 0.57, a quick ratio of 0.59 and a debt-to-equity ratio of 1.07.

State Street (NYSE:STT - Get Free Report) last posted 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 return on equity of 16.36% and a net margin of 15.81%. The company had revenue of $4 billion for the quarter, compared to analysts' expectations of $4.03 billion. During the same period in the previous year, the firm earned $2.78 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. Research analysts expect that State Street Corporation will post 13.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of State Street from $160.00 to $190.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Zacks Research cut shares of State Street from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 18th. BMO Capital Markets dropped their target price on shares of State Street from $200.00 to $185.00 and set an "outperform" rating for the company in a report on Monday, October 19th. Capital One Financial set a $200.00 target price on shares of State Street in a report on Tuesday, October 6th. Finally, Citigroup cut their price target on State Street from $212.00 to $190.00 and set a "buy" rating for the company in a research note on Friday, October 16th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, State Street presently has a consensus rating of "Moderate Buy" and an average price target of $189.74.

Insider Activity at State Street

In related news, EVP W. Hu sold 7,099 shares of the company's stock in a transaction on Monday, October 26th. The shares were 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 owned 42,695 shares in the company, valued at approximately $7,199,657.85. This represents a 14.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,554 shares of the firm's stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $164.60, for a total transaction of $2,395,588.40. Following the transaction, the chief executive officer directly owned 215,905 shares of the company's stock, valued at $35,537,963. The trade was a 6.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company's stock.

About State Street

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.

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