State Street Co. (NYSE:STT) Position Increased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC raised its position in shares of State Street Co. (NYSE:STT) by 2,137.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,633 shares of the asset manager’s stock after buying an additional 1,560 shares during the period. Exchange Traded Concepts LLC’s holdings in State Street were worth $144,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Capital International Investors lifted its stake in State Street by 0.5% during the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock valued at $512,381,000 after buying an additional 31,314 shares in the last quarter. LSV Asset Management lifted its stake in State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after buying an additional 1,238,251 shares in the last quarter. Metropolis Capital Ltd lifted its stake in State Street by 13.1% during the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after buying an additional 479,205 shares in the last quarter. Cooke & Bieler LP lifted its stake in State Street by 3.1% during the second quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock valued at $262,795,000 after buying an additional 105,222 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in State Street by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock valued at $224,466,000 after buying an additional 259,729 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Performance

State Street stock opened at $89.86 on Wednesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.54. The stock has a fifty day moving average price of $86.37 and a two-hundred day moving average price of $79.78. State Street Co. has a 52-week low of $62.78 and a 52-week high of $94.60. The firm has a market capitalization of $27.07 billion, a P/E ratio of 16.83, a P/E/G ratio of 1.17 and a beta of 1.48.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period in the prior year, the company posted $1.93 earnings per share. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, analysts anticipate that State Street Co. will post 8.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the stock. Evercore ISI upped their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company upped their target price on State Street from $98.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Bank of America upped their target price on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods dropped their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Finally, StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus price target of $91.39.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.31% of the stock is currently owned by corporate insiders.

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.