Advisors Asset Management Inc. Acquires 2,124 Shares of State Street Co. (NYSE:STT)

Advisors Asset Management Inc. grew its holdings in shares of State Street Co. (NYSE:STT) by 9.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 24,696 shares of the asset manager’s stock after acquiring an additional 2,124 shares during the period. Advisors Asset Management Inc.’s holdings in State Street were worth $2,185,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. raised its stake in shares of State Street by 5.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after acquiring an additional 129 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in State Street by 9.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after purchasing an additional 148 shares in the last quarter. Rockland Trust Co. increased its stake in State Street by 1.8% in the third quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock valued at $737,000 after purchasing an additional 150 shares in the last quarter. Mather Group LLC. increased its stake in State Street by 10.9% in the second quarter. Mather Group LLC. now owns 1,613 shares of the asset manager’s stock valued at $125,000 after purchasing an additional 158 shares in the last quarter. Finally, Empirical Finance LLC increased its stake in State Street by 1.4% in the third quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after purchasing an additional 158 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $97.50 on Monday. The stock has a market capitalization of $28.58 billion, a P/E ratio of 15.40, a PEG ratio of 1.19 and a beta of 1.46. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. The firm’s 50 day moving average is $91.29 and its 200 day moving average is $83.01. State Street Co. has a 12 month low of $69.56 and a 12 month high of $98.45.

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

Insider Transactions at State Street

In other news, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the transaction, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

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

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.