Heritage Way Advisors LLC Takes Position in State Street Co. (NYSE:STT)

Heritage Way Advisors LLC bought a new stake in shares of State Street Co. (NYSE:STT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,406 shares of the asset manager’s stock, valued at approximately $1,898,000.

Other institutional investors also recently added to or reduced their stakes in the company. Pflug Koory LLC bought a new position in shares of State Street during the 2nd quarter valued at approximately $27,000. Liberty Wealth Management LLC grew its position in shares of State Street by 6,927.1% during the 2nd quarter. Liberty Wealth Management LLC now owns 3,373 shares of the asset manager’s stock valued at $41,000 after acquiring an additional 3,325 shares during the period. West Branch Capital LLC bought a new position in shares of State Street during the 2nd quarter valued at approximately $53,000. Exchange Traded Concepts LLC grew its position in shares of State Street by 314.2% during the 2nd quarter. Exchange Traded Concepts LLC now owns 994 shares of the asset manager’s stock valued at $82,000 after acquiring an additional 754 shares during the period. Finally, Riverview Trust Co grew its position in shares of State Street by 18.1% during the 3rd quarter. Riverview Trust Co now owns 1,175 shares of the asset manager’s stock valued at $100,000 after acquiring an additional 180 shares during the period. 84.11% of the stock is owned by hedge funds and other institutional investors.

STT has been the topic of a number of recent research reports. Royal Bank of Canada upped their price target on shares of State Street from $86.00 to $99.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 19th. Wolfe Research upgraded shares of State Street from a “peer perform” rating to an “outperform” rating in a research note on Thursday, October 7th. Morgan Stanley upped their price target on shares of State Street from $117.00 to $122.00 and gave the company an “overweight” rating in a research note on Wednesday, September 8th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of State Street from $120.00 to $111.00 and set a “buy” rating on the stock in a research note on Friday, September 24th. Finally, Piper Sandler upped their price target on shares of State Street from $96.00 to $102.00 and gave the company a “neutral” rating in a research note on Tuesday, October 19th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, State Street presently has a consensus rating of “Buy” and a consensus price target of $99.79.

In related news, CEO Francisco Aristeguieta sold 22,200 shares of the stock in a transaction on Monday, November 15th. The shares were sold at an average price of $99.45, for a total transaction of $2,207,790.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Cyrus Taraporevala sold 4,487 shares of the stock in a transaction on Friday, October 8th. The shares were sold at an average price of $89.23, for a total transaction of $400,375.01. The disclosure for this sale can be found here. Insiders sold a total of 32,436 shares of company stock worth $3,162,960 in the last three months. Insiders own 0.28% of the company’s stock.

NYSE STT opened at $93.35 on Friday. The company’s 50 day simple moving average is $93.57 and its two-hundred day simple moving average is $88.86. The stock has a market capitalization of $34.13 billion, a PE ratio of 13.75, a P/E/G ratio of 1.67 and a beta of 1.59. State Street Co. has a 1 year low of $68.80 and a 1 year high of $100.69. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.54 and a quick ratio of 0.54.

State Street (NYSE:STT) last issued its quarterly earnings results on Sunday, October 17th. The asset manager reported $2.00 EPS for the quarter, topping the Zacks’ consensus estimate of $1.92 by $0.08. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.96 billion. State Street had a net margin of 21.27% and a return on equity of 11.13%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.45 EPS. On average, research analysts anticipate that State Street Co. will post 7.36 EPS for the current year.

State Street Company Profile

State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The company operates through following business lines: Investment Servicing and Investment Management. The Investment Servicing business offers custody, product and participant-level accounting, daily pricing and administration, master trust and master custody, record-keeping, cash management, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loans and lease financing, investment manager and alternative investment manager operations outsourcing, and performance, risk and compliance analytics.

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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