Verdence Capital Advisors LLC Increases Position in State Street Corporation $STT

Verdence Capital Advisors LLC lifted its position in State Street Corporation (NYSE:STT - Free Report) by 168.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,338 shares of the asset manager's stock after purchasing an additional 4,602 shares during the period. Verdence Capital Advisors LLC's holdings in State Street were worth $780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Pacific Financial purchased a new position in State Street during the first quarter valued at $25,000. Capital Analysts LLC grew its stake in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after acquiring an additional 274 shares in the last quarter. Larson Financial Group LLC grew its stake in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after acquiring an additional 118 shares in the last quarter. Golden State Wealth Management LLC grew its stake in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after acquiring an additional 310 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in State Street during the first quarter valued at $46,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on STT. Evercore ISI raised their target price on shares of State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. Morgan Stanley reaffirmed an "overweight" rating and set a $162.00 target price on shares of State Street in a research note on Monday, September 29th. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and raised their target price for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Weiss Ratings reiterated a "buy (b)" rating on shares of State Street in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company increased their price objective on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and an average price target of $122.83.

State Street Price Performance

STT stock opened at $115.39 on Wednesday. State Street Corporation has a 52 week low of $72.81 and a 52 week 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. The company has a fifty day simple moving average of $113.42 and a two-hundred day simple moving average of $102.63. The firm has a market capitalization of $32.74 billion, a P/E ratio of 12.92, a price-to-earnings-growth ratio of 1.17 and a beta of 1.46.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business's revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business earned $2.15 EPS. Analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.29% of the company's stock.

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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