Empowered Funds LLC Increases Stock Holdings in State Street Co. (NYSE:STT)

Empowered Funds LLC grew its holdings in shares of State Street Co. (NYSE:STT) by 11.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,929 shares of the asset manager’s stock after purchasing an additional 504 shares during the period. Empowered Funds LLC’s holdings in State Street were worth $432,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Empirical Finance LLC increased its stake in State Street by 1.4% during the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock worth $997,000 after buying an additional 158 shares during the period. Dearborn Partners LLC acquired a new position in shares of State Street in the third quarter worth $221,000. CIBC Asset Management Inc increased its position in shares of State Street by 6.3% during the third quarter. CIBC Asset Management Inc now owns 51,056 shares of the asset manager’s stock worth $4,517,000 after acquiring an additional 3,026 shares during the period. OneDigital Investment Advisors LLC acquired a new stake in shares of State Street in the third quarter valued at $270,000. Finally, Balboa Wealth Partners purchased a new position in State Street in the third quarter valued at $216,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on STT shares. Evercore ISI upped their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley raised their target price on shares of State Street from $100.00 to $102.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group boosted their price target on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Wells Fargo & Company raised their price objective on shares of State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective 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. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $92.11.

State Street Stock Up 1.2 %

STT opened at $97.50 on Monday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The business has a 50 day moving average price of $91.29 and a two-hundred day moving average price of $83.01. State Street Co. has a 52 week low of $69.56 and a 52 week high of $98.45. The company has a market cap of $28.58 billion, a PE ratio of 15.40, a P/E/G ratio of 1.19 and a beta of 1.46.

State Street (NYSE:STT) last posted its quarterly 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 analysts’ expectations of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.93 EPS. As a group, research analysts anticipate that State Street Co. will post 8.42 EPS for the current year.

Insider Buying and Selling at State Street

In related news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction that occurred 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 in the company, 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 filing with the SEC, which is accessible through the SEC website. 0.31% of the stock is owned by insiders.

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.