Adero Partners LLC Acquires New Stake in State Street Co. (NYSE:STT)

Adero Partners LLC acquired a new stake in shares of State Street Co. (NYSE:STT) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 2,800 shares of the asset manager’s stock, valued at approximately $248,000.

Other large investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp boosted its stake in State Street by 3.3% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after buying an additional 6,363 shares during the period. Cetera Investment Advisers lifted its stake in State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock worth $3,433,000 after purchasing an additional 24,906 shares during the last quarter. Edgestream Partners L.P. lifted its stake in State Street by 44.7% during the first quarter. Edgestream Partners L.P. now owns 30,745 shares of the asset manager’s stock worth $2,377,000 after purchasing an additional 9,499 shares during the last quarter. Bayesian Capital Management LP bought a new stake in State Street during the first quarter worth about $908,000. Finally, Asset Management One Co. Ltd. lifted its stake in State Street by 17.3% during the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock worth $12,124,000 after purchasing an additional 20,183 shares during the last quarter. Institutional investors 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 company’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 transaction of $1,265,603.88. Following the transaction, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.31% of the company’s stock.

State Street Stock Up 1.4 %

Shares of NYSE:STT opened at $95.48 on Monday. State Street Co. has a 1 year low of $68.92 and a 1 year high of $98.45. The company has a market cap of $27.99 billion, a PE ratio of 15.08, a P/E/G ratio of 1.18 and a beta of 1.46. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The stock’s 50-day moving average is $90.00 and its 200 day moving average is $82.26.

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

Wall Street Analyst Weigh In

STT has been the subject of several research analyst reports. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Evercore ISI lifted their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Citigroup lifted their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Barclays lifted their price objective on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $92.11.

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.