Safe Harbor Fiduciary LLC Makes New Investment in State Street Co. (NYSE:STT)

Safe Harbor Fiduciary LLC bought a new stake in State Street Co. (NYSE:STT) during the third quarter, HoldingsChannel.com reports. The fund bought 6,289 shares of the asset manager’s stock, valued at approximately $556,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantinno Capital Management LP lifted its stake in shares of State Street by 35.1% during the third quarter. Quantinno Capital Management LP now owns 58,619 shares of the asset manager’s stock worth $5,186,000 after purchasing an additional 15,235 shares in the last quarter. Royal London Asset Management Ltd. raised its holdings in shares of State Street by 2.8% during the 3rd quarter. Royal London Asset Management Ltd. now owns 124,490 shares of the asset manager’s stock valued at $10,919,000 after buying an additional 3,376 shares during the period. Prana Capital Management LP lifted its position in State Street by 26.4% during the 3rd quarter. Prana Capital Management LP now owns 434,017 shares of the asset manager’s stock worth $38,397,000 after acquiring an additional 90,589 shares in the last quarter. IHT Wealth Management LLC purchased a new position in State Street in the 3rd quarter worth approximately $364,000. Finally, Invenomic Capital Management LP grew its position in State Street by 18.5% in the third quarter. Invenomic Capital Management LP now owns 276,591 shares of the asset manager’s stock valued at $24,470,000 after acquiring an additional 43,221 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is owned by insiders.

State Street Stock Down 0.4 %

STT opened at $97.37 on Thursday. State Street Co. has a 12 month low of $70.20 and a 12 month high of $99.50. The stock has a market cap of $28.54 billion, a P/E ratio of 15.38, a P/E/G ratio of 1.21 and a beta of 1.44. The stock’s 50 day moving average price is $92.96 and its 200 day moving average price is $84.17. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping the consensus estimate of $2.12 by $0.14. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. State Street’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.93 earnings per share. As a group, research analysts predict that State Street Co. will post 8.42 earnings per share for the current year.

Wall Street Analyst Weigh In

STT has been the topic of a number of recent research reports. Morgan Stanley boosted 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. Barclays boosted their price objective on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group lifted their target price on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a report on Monday. Finally, Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $105.00 to $120.00 in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $94.68.

About State Street

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.