Providence Capital Advisors LLC Buys 72,329 Shares of State Street Co. (NYSE:STT)

Providence Capital Advisors LLC raised its stake in State Street Co. (NYSE:STT) by 101,871.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,400 shares of the asset manager’s stock after purchasing an additional 72,329 shares during the period. State Street accounts for 1.3% of Providence Capital Advisors LLC’s holdings, making the stock its 26th biggest holding. Providence Capital Advisors LLC’s holdings in State Street were worth $6,405,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Commonwealth Financial Corp PA bought a new stake in State Street in the third quarter valued at $205,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of State Street by 88.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 359,000 shares of the asset manager’s stock valued at $31,761,000 after buying an additional 168,000 shares during the last quarter. Bridgewater Associates LP grew its holdings in shares of State Street by 2.8% during the third quarter. Bridgewater Associates LP now owns 198,406 shares of the asset manager’s stock valued at $17,553,000 after buying an additional 5,311 shares during the last quarter. Townsquare Capital LLC acquired a new position in shares of State Street during the third quarter valued at about $351,000. Finally, Brooklyn Investment Group acquired a new position in shares of State Street during the third quarter valued at about $79,000. 87.44% of the stock is owned by institutional investors.

Insider Buying and Selling at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is owned by corporate insiders.

State Street Stock Performance

NYSE STT opened at $98.79 on Thursday. The company’s 50 day moving average is $92.03 and its 200-day moving average is $83.43. 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 firm has a market cap of $28.96 billion, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 1.22 and a beta of 1.46. State Street Co. has a 12-month low of $69.58 and a 12-month high of $99.50.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the prior year, the company earned $1.93 EPS. The firm’s revenue was up 21.1% on a year-over-year basis. Sell-side analysts predict that State Street Co. will post 8.42 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Evercore ISI boosted their price target on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Barclays boosted their price target on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their price target on shares of State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Wells Fargo & Company boosted their price target on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $92.11.

State Street Company 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.