State Street buys data analytics firm

Article Excerpt

STATE STREET CORP. $87 (New York symbol STT; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 365.4 million; Market cap: $31.8 billion; Price-to-sales ratio: 2.8; Dividend yield: 2.2%; TSINetwork Rating: Average; sells accounting and administrative services to operators of mutual funds and pension plans. It also offers banking services. The company has agreed to buy Charles River Systems Inc for $2.6 billion. Based in Massachusetts, that privately held firm sells financial information and analytical software to over 300 institutional investors. To help cover its acquisition costs, State Street will cancel plans to spend $950 million on share repurchases in the second half of 2018. The new operations should begin contributing to earnings in 2020. State Street is a buy. buy…

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