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

Peapack Gladstone Financial Corp lifted its position in shares of State Street Co. (NYSE:STT) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,283 shares of the asset manager’s stock after purchasing 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 SEC filing.

Other institutional investors also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of State Street during the second quarter worth about $27,000. Coastline Trust Co purchased a new stake in shares of State Street during the third quarter worth about $44,000. Capital Performance Advisors LLP purchased a new stake in shares of State Street during the third quarter worth about $54,000. Family Firm Inc. bought a new position in State Street in the second quarter worth about $61,000. Finally, LRI Investments LLC raised its stake in State Street by 202.7% in the second quarter. LRI Investments LLC now owns 993 shares of the asset manager’s stock worth $73,000 after buying an additional 665 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Down 0.1 %

NYSE:STT opened at $100.46 on Monday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street Co. has a 12 month low of $70.20 and a 12 month high of $101.91. The company has a market cap of $29.45 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company has a 50 day simple moving average of $94.68 and a two-hundred day simple moving average of $85.41.

State Street (NYSE:STT) last posted its earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the previous year, the firm posted $1.93 EPS. The firm’s revenue was up 21.1% on a year-over-year basis. Research analysts forecast that State Street Co. will post 8.42 earnings per share for the current year.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $5,032,462.56. The trade was a 20.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of State Street 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 26,460 shares of company stock valued at $2,499,860 in the last 90 days. Company insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Barclays increased their price target on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley raised shares of State Street from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $102.00 to $139.00 in a research note on Monday, December 9th. Wells Fargo & Company increased their price target on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $97.32.

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.