Davis Capital Partners buys $36.7 Million stake in State Street Corp (STT)

State Street Corp (STT) : Davis Capital Partners scooped up 200,000 additional shares in State Street Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 620,000 shares of State Street Corp which is valued at $36.7 Million.State Street Corp makes up approximately 6.66% of Davis Capital Partners’s portfolio.

Other Hedge Funds, Including , Thrivent Financial For Lutherans boosted its stake in STT in the latest quarter, The investment management firm added 280 additional shares and now holds a total of 11,600 shares of State Street Corp which is valued at $687,068. Ipswich Investment Management added STT to its portfolio by purchasing 2,883 company shares during the most recent quarter which is valued at $170,760. State Street Corp makes up approx 0.08% of Ipswich Investment Management’s portfolio.Neuberger Berman Group boosted its stake in STT in the latest quarter, The investment management firm added 7,353 additional shares and now holds a total of 145,209 shares of State Street Corp which is valued at $8.7 Million. State Street Corp makes up approx 0.01% of Neuberger Berman Group’s portfolio.Tdam Usa reduced its stake in STT by selling 12,814 shares or 18.81% in the most recent quarter. The Hedge Fund company now holds 55,313 shares of STT which is valued at $3.3 Million. State Street Corp makes up approx 0.16% of Tdam Usa’s portfolio.

State Street Corp opened for trading at $61.17 and hit $61.73 on the upside on Friday, eventually ending the session at $61.43, with a gain of 1.17% or 0.71 points. The heightened volatility saw the trading volume jump to 20,97,066 shares. Company has a market cap of $24,323 M.

On the company’s financial health, State Street Corp reported $0.98 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.90. The company had revenue of $2574.00 million for the quarter, compared to analysts expectations of $2552.69 million. The company’s revenue was down -.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.17 EPS.

Many Wall Street Analysts have commented on State Street Corp. Company shares were Reiterated by UBS on Apr 28, 2016 to “Neutral”, Firm has raised the Price Target to $ 65 from a previous price target of $55 .Shares were Reiterated by RBC Capital Mkts on Apr 11, 2016 to “Sector Perform” and Lowered the Price Target to $ 65 from a previous price target of $70 .State Street Corp was Downgraded by Keefe Bruyette to ” Underperform” on Mar 28, 2016.

State Street Corporation (State Street) the parent company is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company through its subsidiary State Street Bank provides financial services and products to institutional investors across the world. Its clients include mutual funds collective investment funds and other investment pools corporate and public retirement plans insurance companies foundations endowments and investment managers. It has two lines of business: Investment Servicing and Investment Management. The Investment Servicing line of business performs core custody and related value-added functions such as providing institutional investors with clearing payment and settlement services. It provides Investment Management services through State Street Global Advisors (SSGA) .SSGA provides an array of investment management investment research and investment advisory services.

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