State Street Co. (NYSE:STT) Shares Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its holdings in State Street Co. (NYSE:STT) by 13.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,122 shares of the asset manager’s stock after acquiring an additional 704 shares during the quarter. Pinnacle Associates Ltd.’s holdings in State Street were worth $542,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital International Investors raised its holdings in shares of State Street by 0.5% in the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock valued at $512,381,000 after buying an additional 31,314 shares during the last quarter. LSV Asset Management raised its stake in State Street by 30.6% during 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 during the last quarter. Metropolis Capital Ltd lifted its position in State Street by 3.9% during the 3rd quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after acquiring an additional 161,466 shares during the period. Cooke & Bieler LP grew its stake in shares of State Street by 3.1% in the 2nd quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock valued at $262,795,000 after purchasing an additional 105,222 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of State Street by 9.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock valued at $224,466,000 after purchasing an additional 259,729 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of the stock in a transaction on 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 sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Bank of America lifted their price objective on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research note on Monday, September 23rd. Wells Fargo & Company raised their price objective on shares of State Street from $98.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Finally, Barclays raised their price target on State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Two equities 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $91.39.

State Street Price Performance

State Street stock opened at $92.80 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The firm’s 50-day simple moving average is $88.14 and its 200 day simple moving average is $80.71. State Street Co. has a 52 week low of $65.16 and a 52 week high of $94.60. The firm has a market capitalization of $27.71 billion, a PE ratio of 14.66, a P/E/G ratio of 1.19 and a beta of 1.46.

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

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.