SteelPeak Wealth LLC Takes Position in State Street Co. (NYSE:STT)

SteelPeak Wealth LLC purchased a new stake in State Street Co. (NYSE:STT - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The firm purchased 39,267 shares of the asset manager's stock, valued at approximately $3,474,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pinnacle Associates Ltd. increased its holdings in shares of State Street by 13.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 6,122 shares of the asset manager's stock worth $542,000 after buying an additional 704 shares during the last quarter. First Trust Direct Indexing L.P. boosted its position in State Street by 17.0% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 10,757 shares of the asset manager's stock valued at $952,000 after buying an additional 1,566 shares during the period. abrdn plc boosted its position in State Street by 3.6% in the 3rd quarter. abrdn plc now owns 581,105 shares of the asset manager's stock valued at $51,166,000 after buying an additional 20,146 shares during the period. Frank Rimerman Advisors LLC purchased a new position in State Street in the 3rd quarter valued at approximately $216,000. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of State Street by 1.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 97,443 shares of the asset manager's stock worth $8,564,000 after purchasing an additional 991 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP John Plansky sold 13,859 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.31% of the company's stock.

Analyst Ratings Changes

STT has been the subject of several recent analyst reports. 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 research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised their target price on shares of State Street from $79.00 to $87.00 and gave the stock a "hold" rating in a research report on Monday, September 23rd. Evercore ISI raised their target price on shares of State Street from $89.00 to $94.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Wolfe Research reaffirmed an "underperform" rating and set a $73.00 price target on shares of State Street in a report on Monday, July 8th. Finally, Bank of America raised their target price on State Street from $85.00 to $96.00 and gave the company an "underperform" rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $91.39.

State Street Stock Up 0.1 %

NYSE:STT traded up $0.13 on Wednesday, hitting $92.95. 1,552,234 shares of the company's stock traded hands, compared to its average volume of 2,227,913. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 0.91. State Street Co. has a 1 year low of $63.57 and a 1 year high of $94.60. The firm has a 50-day moving average price of $87.52 and a 200-day moving average price of $80.36. The company has a market cap of $27.76 billion, a PE ratio of 14.81, a price-to-earnings-growth ratio of 1.16 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same period in the previous year, the company earned $1.93 EPS. The firm's revenue was up 21.1% on a year-over-year basis. Equities analysts anticipate that State Street Co. will post 8.38 EPS for the current fiscal 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.