Coastline Trust Co Invests $44,000 in State Street Co. (NYSE:STT)

Coastline Trust Co acquired a new stake in State Street Co. (NYSE:STT) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 500 shares of the asset manager’s stock, valued at approximately $44,000.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC grew its stake in State Street by 11.4% in the third quarter. Empowered Funds LLC now owns 4,929 shares of the asset manager’s stock valued at $432,000 after acquiring an additional 504 shares during the period. Empirical Finance LLC lifted its holdings in shares of State Street by 1.4% during the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after purchasing an additional 158 shares in the last quarter. Dearborn Partners LLC acquired a new position in shares of State Street in the 3rd quarter valued at approximately $221,000. CIBC Asset Management Inc increased its stake in State Street by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 51,056 shares of the asset manager’s stock worth $4,517,000 after purchasing an additional 3,026 shares in the last quarter. Finally, OneDigital Investment Advisors LLC bought a new stake in State Street during the 3rd quarter worth approximately $270,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other State Street news, EVP John Plansky sold 13,859 shares of the stock in a transaction dated 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 directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on STT shares. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. The Goldman Sachs Group increased their target price on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Barclays increased their price objective on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Wells Fargo & Company upped their price target on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Evercore ISI boosted their price objective on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, State Street has an average rating of “Hold” and an average price target of $92.11.

State Street Stock Up 1.4 %

State Street stock opened at $95.48 on Monday. State Street Co. has a fifty-two week low of $68.92 and a fifty-two week high of $98.45. The firm has a market capitalization of $27.99 billion, a PE ratio of 15.08, a P/E/G ratio of 1.18 and a beta of 1.46. The company’s 50-day moving average is $90.00 and its 200-day moving average is $82.26. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the prior year, the company earned $1.93 earnings per share. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. Sell-side analysts anticipate that State Street Co. will post 8.42 earnings per share 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.