397,600 Shares in State Street Corporation $STT Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• The Virginia Retirement Systems ET Al acquired 397,600 shares of State Street Corporation, valued at approximately $42.28 million, during the second quarter.
• State Street reported a quarterly EPS of $2.78, exceeding analysts' expectations of $2.57, with a revenue of $13 billion for the quarter.
• Institutional investors hold approximately 87.44% of State Street's stock, indicating strong interest and investment in the company.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of State Street Corporation (NYSE:STT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 397,600 shares of the asset manager's stock, valued at approximately $42,281,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.14% of State Street at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Brighton Jones LLC bought a new stake in State Street during the fourth quarter worth approximately $296,000. GAMMA Investing LLC raised its holdings in State Street by 14.7% during the first quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager's stock worth $329,000 after purchasing an additional 472 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in State Street by 58.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 52,383 shares of the asset manager's stock worth $4,690,000 after buying an additional 19,377 shares during the last quarter. Exchange Traded Concepts LLC grew its position in State Street by 15.1% in the first quarter. Exchange Traded Concepts LLC now owns 1,804 shares of the asset manager's stock worth $162,000 after buying an additional 237 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in State Street by 1.1% in the first quarter. State of Alaska Department of Revenue now owns 33,806 shares of the asset manager's stock worth $3,026,000 after buying an additional 380 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Trading Down 1.5%

Shares of NYSE:STT opened at $111.27 on Friday. The firm has a fifty day moving average of $113.60 and a two-hundred day moving average of $103.13. The firm has a market capitalization of $31.57 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.24. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $13 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the previous year, the business earned $2.26 EPS. State Street's quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Weiss Ratings restated a "buy (b)" rating on shares of State Street in a research report on Wednesday, October 8th. Wells Fargo & Company lifted their price target on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group lifted their price target on shares of State Street from $109.00 to $130.00 and gave the stock a "buy" rating in a research report on Monday, October 6th. Finally, Morgan Stanley restated an "overweight" rating and issued a $162.00 price target on shares of State Street in a research report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $122.83.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

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.

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