Intact Investment Management Inc. Increases Stake in State Street Co. (NYSE:STT)

Intact Investment Management Inc. boosted its stake in State Street Co. (NYSE:STT) by 8.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,560 shares of the asset manager’s stock after purchasing an additional 6,400 shares during the quarter. Intact Investment Management Inc.’s holdings in State Street were worth $7,039,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp increased its holdings 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 worth $15,376,000 after buying an additional 6,363 shares during the last quarter. M&G Plc purchased a new position in shares of State Street in the 1st quarter worth about $7,626,000. Cetera Investment Advisers lifted its stake in shares of State Street by 127.8% in the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares in the last quarter. FORA Capital LLC grew its holdings in shares of State Street by 549.0% during the 1st quarter. FORA Capital LLC now owns 27,425 shares of the asset manager’s stock worth $2,121,000 after purchasing an additional 23,199 shares during the period. Finally, Forsta AP Fonden increased its position in State Street by 19.7% during the 1st quarter. Forsta AP Fonden now owns 75,900 shares of the asset manager’s stock worth $5,869,000 after purchasing an additional 12,500 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insiders Place Their Bets

In other news, EVP John Plansky sold 13,859 shares of the company’s 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 sale, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on STT shares. Bank of America boosted their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Morgan Stanley upped their price target 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. Evercore ISI raised their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada upped their target price on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group raised their target price on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $91.39.

State Street Price Performance

STT stock opened at $92.80 on Monday. The stock’s 50 day moving average is $88.14 and its two-hundred day moving average is $80.76. State Street Co. has a 52-week low of $65.16 and a 52-week high of $94.60. The company has a market capitalization of $27.71 billion, a PE ratio of 14.66, a P/E/G ratio of 1.19 and a beta of 1.46. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business’s revenue was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 earnings per share. Analysts predict that State Street Co. will post 8.38 earnings per share for the current fiscal year.

About State Street

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.