State Street Corporation $STT Shares Purchased by Neo Ivy Capital Management

Neo Ivy Capital Management raised its position in State Street Corporation (NYSE:STT) by 168.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,046 shares of the asset manager’s stock after buying an additional 13,220 shares during the period. Neo Ivy Capital Management’s holdings in State Street were worth $2,222,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Invesco Ltd. boosted its stake in shares of State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after acquiring an additional 674,120 shares during the last quarter. Geode Capital Management LLC lifted its holdings in State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after purchasing an additional 27,098 shares in the last quarter. Northern Trust Corp boosted its stake in State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after purchasing an additional 115,751 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of State Street by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after buying an additional 14,011 shares in the last quarter. Finally, Eastern Bank raised its position in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after buying an additional 2,947,153 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.6%

STT opened at $113.34 on Friday. The stock has a market capitalization of $31.66 billion, a PE ratio of 11.99, a P/E/G ratio of 1.24 and a beta of 1.47. State Street Corporation has a one year low of $72.81 and a one year high of $122.69. 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 moving average price is $115.21 and its 200 day moving average price is $108.75.

State Street (NYSE:STT) last posted its earnings results on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the business earned $2.26 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, equities research analysts expect that State Street Corporation will post 9.68 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on STT. Evercore ISI upped their price objective 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. TD Cowen assumed coverage on State Street in a report on Thursday, September 25th. They set a “buy” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. Truist Financial cut their price target on State Street from $133.00 to $131.00 and set a “buy” rating for the company in a report on Monday, October 20th. Finally, The Goldman Sachs Group boosted their price objective on State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.92.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% 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.