Assenagon Asset Management S.A. Grows Stake in State Street Co. (NYSE:STT)

Assenagon Asset Management S.A. grew its position in shares of State Street Co. (NYSE:STT) by 9.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,661 shares of the asset manager’s stock after purchasing an additional 954 shares during the period. Assenagon Asset Management S.A.’s holdings in State Street were worth $943,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of State Street by 3.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after purchasing an additional 6,363 shares in the last quarter. M&G Plc purchased a new position in State Street in the first quarter worth $7,626,000. Cetera Investment Advisers grew its position in State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after acquiring an additional 24,906 shares in the last quarter. FORA Capital LLC grew its position in State Street by 549.0% in the first quarter. FORA Capital LLC now owns 27,425 shares of the asset manager’s stock worth $2,121,000 after acquiring an additional 23,199 shares in the last quarter. Finally, Forsta AP Fonden grew its position in State Street by 19.7% in the first quarter. Forsta AP Fonden now owns 75,900 shares of the asset manager’s stock worth $5,869,000 after acquiring an additional 12,500 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on STT. Wells Fargo & Company upped their target price on shares of State Street from $98.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Wolfe Research reiterated an “underperform” rating and issued a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Bank of America upped their target price on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Morgan Stanley upped their target price on shares of State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group boosted their price target on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $91.39.

State Street Stock Performance

Shares of NYSE:STT opened at $92.80 on Friday. The company has a market cap of $27.71 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.46. The company has a 50-day moving average price of $88.14 and a 200-day moving average price of $80.71. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 0.91. State Street Co. has a 12 month low of $65.16 and a 12 month high of $94.60.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the prior year, the firm posted $1.93 earnings per share. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. As a group, equities analysts anticipate that State Street Co. will post 8.38 EPS for the current year.

Insider Buying and Selling

In related news, EVP John Plansky sold 13,859 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is owned by 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.