Power Corp of Canada, a leading financial services company, recently announced the acquisition of a new stake in shares of State Street Co. (NYSE:STT). This transaction took place during the first quarter and was disclosed with the Securities and Exchange Commission (SEC). Power Corp acquired 53,228 shares of State Street’s stock with an approximate value of $3,814,000.
State Street is an asset manager that has been making waves in the financial industry. Its most recent earnings report, released on July 14th, showcased its impressive performance. The company reported earnings per share (EPS) of $2.17 for the quarter, surpassing the consensus estimate of $2.08 by $0.09. This exceeded expectations are indicative of State Street’s strong financial standing.
In addition to beating EPS estimates, State Street also demonstrated solid profitability figures. The firm boasted a net margin of 16.99% along with a return on equity of 12.20%. These metrics help paint a picture of a well-managed company that is effectively utilizing its assets to generate profits.
State Street’s revenue for the quarter stood at $3.11 billion, slightly lower than analyst estimates which projected it to be $3.14 billion. Despite this minor discrepancy, it is worth noting that the business recorded a year-over-year increase in revenue by 5.3%. This growth serves as evidence that State Street continues to expand and attract new clients despite challenges faced by businesses in the finance sector.
Looking ahead, equities research analysts forecast that State Street Co.’s EPS for the current fiscal year will reach 7.27%. These projections reflect optimism regarding the company’s ability to sustain its growth trajectory and deliver shareholder value.
In conclusion, Power Corp Canada’s recent investment in State Street Co highlights their confidence in the asset manager’s future prospects. With strong earnings numbers and consistent revenue growth trends, State Street appears to be a promising player in the financial market. Investors will undoubtedly be watching closely as the company continues to navigate the ever-changing landscape of the finance industry.
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Institutional Investors and Analysts Impact State Street Co. (STT) Stock Holdings
State Street Co. (STT) has recently attracted the attention of several institutional investors and hedge funds, leading to modifications in their holdings. Norges Bank, for instance, purchased a new position in State Street shares during the fourth quarter, amounting to approximately $184,482,000. Similarly, Morgan Stanley increased its holdings in the asset manager’s stock by 31.1% during the same period.
Eaton Vance Management also joined this upward trend, boosting its holdings in State Street by an impressive 159.8% during the first quarter. This move resulted in the acquisition of an additional 1,077,013 shares worth about $152,535,000. Envestnet Asset Management Inc., on the other hand, saw a remarkable increase of 304.4% in its holdings of State Street shares during the first quarter. The company now possesses 1,325,150 shares valued at around $30,763,000.
Great Lakes Advisors LLC was another institutional investor that witnessed a significant surge in its ownership of State Street’s stock. By acquiring an additional 883,781 shares during the first quarter—a boost of 234.8%—the company now holds approximately $95,387,000 worth of assets from State Street. It is essential to note that these institutional investors currently own approximately 89.62% of the company’s stock.
Analysts have also chimed in with their opinions regarding STT shares recently. StockNews.com initiated coverage on State Street and rated it as “hold.” Morgan Stanley lowered their price objective for STT shares from $91.00 to $81.00 and assigned them an “equal weight” rating. Bank of America also reduced their price target from $80.00 to $72.00 and assigned it a neutral rating.
Moreover, Barclays revised their price objective downward from $100 to $87 and issued a neutral rating for STT. UBS Group followed suit, downgrading the stock from “buy” to “neutral” and lowering their price target to $72.00 from $90.00. According to Bloomberg’s data, State Street currently has a consensus rating of “Hold,” with a consensus price target of $75.75.
In other news, CFO Eric W. Aboaf recently sold 11,886 shares of State Street’s stock in a transaction that occurred on August 21st. The average selling price stood at $67.13 per share, resulting in a total transaction value of approximately $797,907.18. Following this sale, Aboaf now holds 145,974 shares directly, representing a total value of approximately $9,799,234.62.
Examining STT’s stock performance on September 13th reveals an opening price of $71.49 for the day’s trading session. The company has a 50-day moving average price of $70.78 and a 200-day moving average price of $72.88.
State Street Co., listed on the New York Stock Exchange under symbol STT, has experienced a fluctuating stock performance over the past year. With a market capitalization of around $22.78 billion and a price-to-earnings ratio of 9.66, it remains important for investors to monitor the stability and growth potential of this asset manager.
Furthermore, STT boasts a beta value of 1.58 and possesses a debt-to-equity ratio of 0.77—a financial indicator that measures how much debt the company uses to finance its operations compared to its shareholders’ equity.
As State Street continues its journey through these challenging times in the market, investors should approach their decision-making processes with caution and conduct comprehensive research before making any investments or adjustments to their portfolios.
