SteelPeak Wealth LLC Buys Shares of 39,267 State Street Co. (NYSE:STT)

SteelPeak Wealth LLC bought a new stake in State Street Co. (NYSE:STT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 39,267 shares of the asset manager’s stock, valued at approximately $3,474,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of STT. LRI Investments LLC acquired a new stake in State Street in the first quarter valued at $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in State Street in the second quarter valued at $27,000. Versant Capital Management Inc lifted its holdings in State Street by 411.9% in the second quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 416 shares during the period. Trust Co. of Vermont lifted its holdings in State Street by 44.4% in the second quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock valued at $48,000 after acquiring an additional 200 shares during the period. Finally, Family Firm Inc. acquired a new position in shares of State Street during the 2nd quarter worth $61,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Evercore ISI lifted their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Finally, Wells Fargo & Company lifted their price objective on State Street from $98.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $91.39.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.31% of the company’s stock.

State Street Trading Up 0.5 %

STT traded up $0.46 during midday trading on Wednesday, hitting $93.28. The company’s stock had a trading volume of 572,897 shares, compared to its average volume of 2,223,250. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 0.91. The firm has a market cap of $27.86 billion, a P/E ratio of 14.81, a PEG ratio of 1.16 and a beta of 1.48. The firm has a 50-day moving average price of $87.52 and a two-hundred day moving average price of $80.36. State Street Co. has a 52-week low of $63.57 and a 52-week high of $94.60.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company’s revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 EPS. On average, research analysts anticipate that State Street Co. will post 8.38 earnings per share for the current year.

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.