Pacific Heights Asset Management LLC Buys 80,000 Shares of State Street Corporation $STT

Key Points

• Pacific Heights Asset Management LLC increased its stake in State Street Corporation by 133.3%, acquiring an additional 80,000 shares to reach a total of 140,000 shares valued at approximately $14.89 million.
• State Street recently reported $2.78 earnings per share for the latest quarter, surpassing estimates and achieving an 8.8% increase in revenue year-over-year.
• Analysts are optimistic about State Street's future, with a consensus target price of $125.42 and several firms upgrading their ratings to "Buy".

Pacific Heights Asset Management LLC grew its position in shares of State Street Corporation (NYSE:STT - Free Report) by 133.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 140,000 shares of the asset manager's stock after purchasing an additional 80,000 shares during the quarter. Pacific Heights Asset Management LLC's holdings in State Street were worth $14,888,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Invesco Ltd. raised its stake in State Street by 9.0% during the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after buying an additional 674,120 shares during the last quarter. Northern Trust Corp boosted its position 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 valued at $381,770,000 after acquiring an additional 115,751 shares during the last quarter. Dimensional Fund Advisors LP boosted its position 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 valued at $274,732,000 after acquiring an additional 14,011 shares during the last quarter. Eastern Bank boosted its position in State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after acquiring an additional 2,947,153 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in State Street by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager's stock valued at $242,932,000 after acquiring an additional 49,353 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Performance

NYSE STT opened at $114.41 on Wednesday. The company has a fifty day simple moving average of $113.77 and a 200 day simple moving average of $103.62. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.24. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.03. The company has a market cap of $32.46 billion, a P/E ratio of 12.11, a PEG ratio of 1.18 and a beta of 1.46.

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 for the quarter, beating analysts' consensus estimates of $2.57 by $0.21. The firm had revenue of $13 billion for the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm earned $2.26 earnings per share. Sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on STT shares. Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and upped their target price for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Cowen reaffirmed a "buy" rating on shares of State Street in a research note on Tuesday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of State Street in a research note on Wednesday, October 8th. Wells Fargo & Company raised their target price on State Street from $121.00 to $129.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, BMO Capital Markets initiated coverage on State Street in a research note on Friday, October 3rd. They set an "outperform" rating and a $130.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $125.42.

State Street 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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