Invenomic Capital Management LP Purchases 43,221 Shares of State Street Co. (NYSE:STT)

Invenomic Capital Management LP boosted its position in State Street Co. (NYSE:STT) by 18.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 276,591 shares of the asset manager’s stock after purchasing an additional 43,221 shares during the period. State Street accounts for about 1.3% of Invenomic Capital Management LP’s portfolio, making the stock its 21st biggest holding. Invenomic Capital Management LP’s holdings in State Street were worth $24,470,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after acquiring an additional 1,354,560 shares in the last quarter. LSV Asset Management lifted its holdings in State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. FMR LLC grew its holdings in State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after buying an additional 833,679 shares in the last quarter. Metropolis Capital Ltd lifted its stake in State Street by 13.1% in the second quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after purchasing an additional 479,205 shares during the last quarter. Finally, National Bank of Canada FI grew its holdings in State Street by 443.1% during the 2nd quarter. National Bank of Canada FI now owns 445,421 shares of the asset manager’s stock worth $32,765,000 after acquiring an additional 363,399 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at State Street

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock valued at $2,499,860 in the last 90 days. Insiders own 0.31% of the company’s stock.

State Street Stock Up 1.3 %

Shares of NYSE:STT opened at $99.30 on Tuesday. State Street Co. has a 1 year low of $70.20 and a 1 year high of $99.50. The company has a market capitalization of $29.11 billion, a PE ratio of 15.49, a price-to-earnings-growth ratio of 1.22 and a beta of 1.44. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The business has a fifty day moving average price of $92.42 and a two-hundred day moving average price of $83.79.

State Street (NYSE:STT) last announced 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. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the previous year, the business posted $1.93 EPS. State Street’s revenue was up 21.1% compared to the same quarter last year. Analysts forecast that State Street Co. will post 8.42 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on STT. Wells Fargo & Company boosted their target price on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and upped their price target for the company from $105.00 to $120.00 in a report on Tuesday. The Goldman Sachs Group increased their price objective on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Morgan Stanley lifted their target price on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Barclays raised their target price on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $94.68.

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.