First Commonwealth Financial Corp PA Takes $205,000 Position in State Street Co. (NYSE:STT)

First Commonwealth Financial Corp PA purchased a new position in shares of State Street Co. (NYSE:STT) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,319 shares of the asset manager’s stock, valued at approximately $205,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in STT. Price T Rowe Associates Inc. MD boosted its stake in shares of State Street by 22.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 576,333 shares of the asset manager’s stock valued at $44,563,000 after buying an additional 105,710 shares during the period. Tidal Investments LLC grew its stake in State Street by 6.7% in the first quarter. Tidal Investments LLC now owns 7,135 shares of the asset manager’s stock valued at $552,000 after purchasing an additional 448 shares in the last quarter. Comerica Bank increased its position in State Street by 51.2% in the 1st quarter. Comerica Bank now owns 151,865 shares of the asset manager’s stock worth $11,742,000 after purchasing an additional 51,404 shares during the last quarter. Citizens Financial Group Inc. RI raised its stake in shares of State Street by 19.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 3,990 shares of the asset manager’s stock worth $309,000 after purchasing an additional 640 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of State Street during the 1st quarter valued at about $300,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE:STT opened at $98.79 on Thursday. The company has a market cap of $28.96 billion, a price-to-earnings ratio of 15.61, a PEG ratio of 1.22 and a beta of 1.46. The business has a 50 day moving average price of $92.03 and a 200 day moving average price of $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. State Street Co. has a twelve month low of $69.58 and a twelve month high of $99.50.

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

Analysts Set New Price Targets

A number of research firms recently commented on STT. The Goldman Sachs Group increased their price objective on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Evercore ISI increased their price target on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their price target on shares of State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Barclays increased their target price on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a report on Monday, November 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus target price of $92.11.

Insider Activity at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value 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. The trade was a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,460 shares of company stock worth $2,499,860 over the last three months. Company insiders own 0.31% of the company’s stock.

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.