1620 Investment Advisors Inc. Sells 335 Shares of State Street Co. (NYSE:STT)

1620 Investment Advisors Inc. reduced its holdings in State Street Co. (NYSE:STT) by 23.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,119 shares of the asset manager’s stock after selling 335 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in State Street were worth $99,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of STT. SteelPeak Wealth LLC acquired a new position in shares of State Street in the 3rd quarter valued at approximately $3,474,000. Pinnacle Associates Ltd. lifted its stake in State Street by 13.0% in the third quarter. Pinnacle Associates Ltd. now owns 6,122 shares of the asset manager’s stock valued at $542,000 after buying an additional 704 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in shares of State Street by 17.0% in the third quarter. First Trust Direct Indexing L.P. now owns 10,757 shares of the asset manager’s stock valued at $952,000 after buying an additional 1,566 shares during the period. abrdn plc increased its position in shares of State Street by 3.6% during the third quarter. abrdn plc now owns 581,105 shares of the asset manager’s stock worth $51,166,000 after acquiring an additional 20,146 shares in the last quarter. Finally, Frank Rimerman Advisors LLC bought a new stake in shares of State Street during the third quarter worth $216,000. 87.44% of the stock is currently owned by institutional investors.

Insider Transactions at State Street

In related news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction that occurred 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 sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup upped their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Wolfe Research reiterated an “underperform” rating and set a $73.00 target price on shares of State Street in a research note on Monday, July 8th. Royal Bank of Canada increased their price target on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group raised their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Evercore ISI upped their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $91.39.

State Street Trading Up 0.1 %

STT opened at $92.95 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street Co. has a twelve month low of $63.57 and a twelve month high of $94.60. The stock has a market capitalization of $27.76 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.16 and a beta of 1.48. The company has a 50-day simple moving average of $87.76 and a 200 day simple moving average of $80.44.

State Street (NYSE:STT) last posted its quarterly 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. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. State Street’s revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.93 EPS. Analysts predict that State Street Co. will post 8.38 EPS for the current fiscal year.

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.