Sumitomo Mitsui DS Asset Management Company Ltd Increases Holdings in State Street Co. (NYSE:STT)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of State Street Co. (NYSE:STT) by 2.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,417 shares of the asset manager’s stock after purchasing an additional 713 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in State Street were worth $2,779,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. LRI Investments LLC bought a new position in State Street in the 1st quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of State Street during the second quarter valued at about $27,000. Norwood Financial Corp purchased a new position in State Street in the 1st quarter worth approximately $35,000. Versant Capital Management Inc boosted its holdings in shares of State Street by 411.9% during the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after purchasing an additional 416 shares during the period. Finally, Trust Co. of Vermont lifted its stake in State Street by 44.4% in the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock worth $48,000 after acquiring an additional 200 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on STT shares. Barclays lifted their price target on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their price objective on State Street from $98.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their target price on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised their price target on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research note on Monday, September 23rd. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of “Hold” and a consensus price target of $91.39.

State Street Price Performance

NYSE STT opened at $91.43 on Monday. State Street Co. has a 12-month low of $62.78 and a 12-month high of $94.60. The firm’s fifty day simple moving average is $85.89 and its two-hundred day simple moving average is $79.58. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $27.54 billion, a P/E ratio of 17.12, a P/E/G ratio of 1.29 and a beta of 1.48.

State Street (NYSE:STT) last issued its earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. State Street’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 earnings per share. Analysts forecast that State Street Co. will post 8.15 EPS for the current fiscal year.

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.