Peapack Gladstone Financial Corp Boosts Holdings in State Street Co. (NYSE:STT)

Peapack Gladstone Financial Corp boosted its position in shares of State Street Co. (NYSE:STT) by 2.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,283 shares of the asset manager’s stock after acquiring an additional 103 shares during the period. Peapack Gladstone Financial Corp’s holdings in State Street were worth $467,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of STT. Hotchkis & Wiley Capital Management LLC lifted its position in State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after acquiring an additional 1,354,560 shares during the last quarter. LSV Asset Management lifted its position in State Street by 30.6% during the second 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. FMR LLC lifted its position in State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the last quarter. Wellington Management Group LLP lifted its position in State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after acquiring an additional 462,201 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in State Street by 99.4% during the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock valued at $78,574,000 after acquiring an additional 442,725 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Plansky sold 13,859 shares of State Street stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a report on Tuesday, December 10th. Wells Fargo & Company raised their price target on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Morgan Stanley raised shares of State Street from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $102.00 to $139.00 in a report on Monday, December 9th. Finally, Evercore ISI raised their price target on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $97.32.

State Street Stock Down 0.1 %

NYSE:STT opened at $100.46 on Monday. The firm has a market capitalization of $29.45 billion, a P/E ratio of 15.87, a PEG ratio of 1.24 and a beta of 1.44. 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 company’s fifty day moving average price is $94.68 and its 200-day moving average price is $85.41. State Street Co. has a 1-year low of $70.20 and a 1-year high of $101.91.

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. The company 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%. The firm’s revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the business earned $1.93 earnings per share. As a group, equities research analysts anticipate that State Street Co. will post 8.42 EPS for the current 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.