State Street Corporation $STT Shares Newly Purchased by CenterBook Partners LP

Key Points

• CenterBook Partners opened a new State Street position, buying 13,960 shares worth about $2.44 million in the third quarter. Hedge funds and other institutional investors own 87.44% of the stock.
• State Street reported quarterly EPS of $3.69, slightly above analysts’ $3.68 estimate, while revenue of $4.0 billion fell short of the $4.03 billion consensus; revenue nevertheless grew 12.9% year over year.
• Analysts’ average rating is “Moderate Buy,” with a consensus price target of $193.97. Recent analyst target changes were mixed, including cuts from BMO Capital Markets and Bank of America and an increase from Seaport Research Partners.

CenterBook Partners LP acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 13,960 shares of the asset manager's stock, valued at approximately $2,437,000.

Several other institutional investors and hedge funds have also recently modified their holdings of STT. BlackRock Inc. bought a new position in shares of State Street in the second quarter valued at approximately $4,139,389,000. State Street Corp boosted its position 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 valued at $2,296,098,000 after buying an additional 163,362 shares during the last quarter. Regents of The University of California boosted its position 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 valued at $1,273,841,000 after buying an additional 1,358,923 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position 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 valued at $502,402,000 after buying an additional 137,798 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in State Street by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,101,952 shares of the asset manager's stock worth $392,539,000 after buying an additional 51,754 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at State Street

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

Analysts Set New Price Targets

STT has been the subject of a number of analyst reports. BMO Capital Markets lowered their price target on State Street from $200.00 to $185.00 and set an "outperform" rating for the company in a research report on Monday, October 19th. Bank of America dropped their price objective on State Street from $197.00 to $186.00 in a research note on Monday, October 5th. Seaport Research Partners lifted their price objective on shares of State Street from $209.00 to $214.00 and gave the stock a "buy" rating in a report on Friday, July 17th. Zacks Research downgraded shares of State Street from a "strong-buy" rating to a "hold" rating in a report on Friday, September 18th. Finally, Weiss Ratings lowered shares of State Street from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, October 6th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, State Street currently has an average rating of "Moderate Buy" and a consensus price target of $193.97.

State Street Trading Up 0.1%

NYSE:STT opened at $165.69 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a market cap of $45.08 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 0.77 and a beta of 1.38. 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 $177.88 and a two-hundred day moving average price of $159.67.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Wednesday, October 14th. The asset manager reported $3.69 earnings per share for the quarter, topping analysts' consensus estimates of $3.68 by $0.01. State Street had a return on equity of 16.11% and a net margin of 15.81%. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the business earned $2.78 EPS. The company's revenue was up 12.9% compared to the same quarter last year. On average, equities analysts expect that State Street Corporation will post 13.78 earnings per share for the current fiscal year.

State Street Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792 as Union Bank, it has a long history serving institutional clients and is among the oldest financial institutions in the United States.

The company provides investment servicing, including custody, fund administration, accounting, and related middle- and back-office services. Its clients include asset managers, pension funds, insurers, and other financial institutions.

Through State Street Investment Management, the company also offers investment management services and investment products, including the SPDR family of exchange-traded funds.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.