Cinctive Capital Management LP Buys 7,534 Shares of State Street Co. (NYSE:STT)

Cinctive Capital Management LP increased its position in State Street Co. (NYSE:STT) by 7.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,642 shares of the asset manager’s stock after acquiring an additional 7,534 shares during the quarter. Cinctive Capital Management LP’s holdings in State Street were worth $9,523,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of STT. FMR LLC raised its position in shares of State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after buying an additional 833,679 shares in the last quarter. LSV Asset Management raised its holdings in shares of State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after acquiring an additional 1,238,251 shares in the last quarter. Metropolis Capital Ltd boosted its position in shares of State Street by 3.9% during the 3rd quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock valued at $379,209,000 after acquiring an additional 161,466 shares during the last quarter. Cooke & Bieler LP grew its holdings in shares of State Street by 3.1% during the second quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock worth $262,795,000 after purchasing an additional 105,222 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in State Street by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock worth $224,466,000 after buying an additional 259,729 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on STT shares. Deutsche Bank Aktiengesellschaft increased their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Evercore ISI increased their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their price objective on shares of State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley lifted their target price on shares of State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group boosted their price target on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $92.11.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following 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 filing with the SEC, which is accessible through the SEC website. Also, EVP Kathryn M. Horgan sold 12,500 shares of the company’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 sale, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is currently owned by corporate insiders.

State Street Trading Down 0.3 %

NYSE STT opened at $98.51 on Monday. The stock has a market cap of $28.88 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 1.22 and a beta of 1.46. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $99.50. The stock has a 50 day simple moving average of $92.42 and a two-hundred day simple moving average of $83.79. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The company had revenue of $3.26 billion during 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 firm’s revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.93 earnings per share. On average, analysts forecast that State Street Co. will post 8.42 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.