State Street Corporation $STT Stock Holdings Boosted by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its holdings in State Street Corporation by 466.3%, owning 31,112 shares valued at $3.3 million after purchasing an additional 25,618 shares.
• Multiple institutional investors have also boosted their stakes in State Street, with Eastern Bank making a significant increase of 6,967.4%, now owning nearly 3 million shares valued at $267.6 million.
• State Street reported earnings of $2.78 earnings per share for the recent quarter, exceeding analyst estimates, along with a revenue of $13 billion, marking an 8.8% year-over-year increase.

First Citizens Bank & Trust Co. raised its position in shares of State Street Corporation (NYSE:STT - Free Report) by 466.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 31,112 shares of the asset manager's stock after purchasing an additional 25,618 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in State Street were worth $3,308,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after purchasing an additional 674,120 shares in the last quarter. Northern Trust Corp lifted its position in shares of State Street by 2.8% during the 1st 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 lifted its position in shares of State Street by 0.5% during the 1st 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 lifted its position in shares of State Street by 6,967.4% during the 1st 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 lifted its position in shares of State Street by 1.9% during the 1st 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. 87.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on STT shares. Cowen reiterated a "buy" rating on shares of State Street in a research report on Tuesday. Morgan Stanley increased their price objective on State Street from $162.00 to $165.00 and gave the company an "overweight" rating in a research report on Monday. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Weiss Ratings reiterated a "buy (b)" rating on shares of State Street in a research report on Wednesday, October 8th. Finally, Evercore ISI increased their price objective on State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a research report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $125.42.

State Street Price Performance

STT opened at $114.65 on Friday. The stock has a fifty day moving average of $113.82 and a 200-day moving average of $103.95. The firm has a market capitalization of $32.53 billion, a P/E ratio of 12.13, a PEG ratio of 1.20 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 0.59 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.57 by $0.21. The company had revenue of $13 billion during the quarter, compared to analyst estimates of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.26 earnings per share. Equities analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

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, 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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