State Street Corporation $STT Position Increased by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. increased its position in shares of State Street Corporation (NYSE:STT) by 466.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 31,112 shares of the asset manager’s stock after buying 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.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Harbour Investments Inc. raised its holdings in shares of State Street by 11.7% during the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock worth $108,000 after acquiring an additional 106 shares in the last quarter. McAdam LLC raised its holdings in shares of State Street by 1.7% during the second quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock worth $707,000 after acquiring an additional 111 shares in the last quarter. Meeder Advisory Services Inc. raised its holdings in shares of State Street by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock worth $515,000 after acquiring an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of State Street by 2.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock worth $395,000 after acquiring an additional 118 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after acquiring an additional 118 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Up 1.3%

State Street stock opened at $114.65 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.57 and a current ratio of 0.59. The business’s 50-day simple moving average is $113.82 and its 200-day simple moving average is $103.95. The firm has a market capitalization of $32.53 billion, a PE ratio of 12.13, a PEG ratio of 1.20 and a beta of 1.46. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $118.24.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. The business had revenue of $13 billion for 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 firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.26 earnings per share. Equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on STT. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Cowen restated a “buy” rating on shares of State Street in a report on Tuesday. Citigroup upgraded 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 report on Friday, September 5th. Keefe, Bruyette & Woods raised their target price on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday. Finally, Morgan Stanley raised their target price on State Street from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $125.42.

State Street 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.