5 New Stock Picks of Billionaire Rob Citrone

3. State Street Corporation (NYSE:STT)

Discovery Capital Management’s Stake Value: $8,472,000

Percentage of Discovery Capital Management’s 13F Portfolio: 0.63%

Number of Hedge Fund Holders: 42

State Street Corporation (NYSE:STT) is a Boston-based financial services and bank holding company that provides expertise in securities, investment management, stock trading, and the foreign exchange market. Rob Citrone’s Discovery Capital Management bought 100,000 State Street Corporation (NYSE:STT) shares in Q3 2021, worth $8.4 million, representing 0.63% of the fund’s Q3 investments. 

Publishing its Q4 results on January 19, State Street Corporation (NYSE:STT) posted earnings per share of $2.00, beating estimates by $0.11. The $3.05 billion outperformed estimates by approximately $52 million. 

Barclays analyst Jason Goldberg raised the price target on State Street Corporation (NYSE:STT) on January 3 to $130 from $110 and kept an Overweight rating on the shares. The analyst expects bank stocks to continue to outperform the market in 2022. He expects loan growth to accelerate and net interest margins to benefit from higher interest rates, despite some near-term uncertainty owing to the COVID-19 omicron variant. 

Among the hedge funds tracked by Insider Monkey in Q3 2021, 42 funds were bullish on State Street Corporation (NYSE:STT), up from 37 funds in the quarter earlier. Harris Associates, the largest State Street Corporation (NYSE:STT) stakeholder, held 4.8 million shares worth $412.2 million in the third quarter of 2021.