Townsquare Capital LLC Buys New Position in State Street Co. (NYSE:STT)

Townsquare Capital LLC acquired a new stake in State Street Co. (NYSE:STT) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,969 shares of the asset manager’s stock, valued at approximately $351,000.

Other hedge funds have also modified their holdings of the company. Cetera Investment Advisers increased its holdings in shares of State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares during the period. KBC Group NV increased its holdings in shares of State Street by 20.5% in the third quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock valued at $6,607,000 after purchasing an additional 12,707 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of State Street by 17.3% in the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock valued at $12,124,000 after purchasing an additional 20,183 shares during the period. Ensign Peak Advisors Inc increased its holdings in shares of State Street by 39.3% in the second quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock valued at $10,794,000 after purchasing an additional 41,180 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of State Street by 43.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,815 shares of the asset manager’s stock valued at $6,069,000 after purchasing an additional 20,968 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP John Plansky sold 13,859 shares of the 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 owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value 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 approximately $10,878,784.74. This represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock worth $2,499,860 over the last quarter. 0.31% of the stock is currently owned by corporate insiders.

State Street Stock Performance

NYSE STT opened at $98.60 on Friday. The company has a market cap of $28.90 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.21 and a beta of 1.44. The stock’s 50 day simple moving average is $93.17 and its 200-day simple moving average is $84.27. State Street Co. has a 1-year low of $70.20 and a 1-year high of $99.75. 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 released its earnings results 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 the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.93 earnings per share. As a group, equities research analysts anticipate that State Street Co. will post 8.42 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on STT shares. Barclays raised their target price on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley raised their target price on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a report on Monday. The Goldman Sachs Group raised their target price on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Wells Fargo & Company raised their target price on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $94.68.

State Street Company 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.