Northwestern Mutual Wealth Management Co. Increases Position in State Street Co. (NYSE:STT)

Northwestern Mutual Wealth Management Co. raised its holdings in shares of State Street Co. (NYSE:STT) by 25.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,037 shares of the asset manager’s stock after buying an additional 2,676 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in State Street were worth $1,073,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Jacobi Capital Management LLC raised its stake in State Street by 5.0% in the second quarter. Jacobi Capital Management LLC now owns 2,361 shares of the asset manager’s stock worth $194,000 after buying an additional 113 shares in the last quarter. Abbrea Capital LLC grew its holdings in shares of State Street by 1.2% during the first quarter. Abbrea Capital LLC now owns 10,325 shares of the asset manager’s stock valued at $873,000 after buying an additional 125 shares during the last quarter. Greenwich Wealth Management LLC boosted its holdings in State Street by 2.5% in the second quarter. Greenwich Wealth Management LLC now owns 5,197 shares of the asset manager’s stock worth $428,000 after purchasing an additional 125 shares during the last quarter. Fieldpoint Private Securities LLC boosted its stake in shares of State Street by 4.9% during the 2nd quarter. Fieldpoint Private Securities LLC now owns 2,775 shares of the asset manager’s stock worth $253,000 after acquiring an additional 129 shares during the last quarter. Finally, Checchi Capital Advisers LLC boosted its stake in shares of State Street by 4.1% during the 2nd quarter. Checchi Capital Advisers LLC now owns 3,506 shares of the asset manager’s stock worth $288,000 after acquiring an additional 139 shares during the last quarter. Institutional investors and hedge funds own 89.57% of the company’s stock.

In related news, CEO Cyrus Taraporevala sold 4,488 shares of the firm’s stock in a transaction dated Monday, July 26th. The stock was sold at an average price of $85.02, for a total transaction of $381,569.76. Following the completion of the transaction, the chief executive officer now owns 104,605 shares of the company’s stock, valued at $8,893,517.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.28% of the stock is currently owned by company insiders.

State Street stock opened at $89.61 on Thursday. The stock has a market cap of $30.78 billion, a P/E ratio of 14.27, a price-to-earnings-growth ratio of 1.47 and a beta of 1.55. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average of $88.73 and a 200-day moving average of $85.95. State Street Co. has a 52 week low of $57.16 and a 52 week high of $94.64.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 15th. The asset manager reported $1.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.79 by $0.18. State Street had a return on equity of 10.67% and a net margin of 20.21%. The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the company posted $1.86 EPS. The business’s revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts predict that State Street Co. will post 7.42 earnings per share for the current fiscal year.

A number of brokerages have issued reports on STT. Keefe, Bruyette & Woods lifted their price target on shares of State Street from $94.00 to $103.00 and gave the company an “outperform” rating in a report on Thursday, June 17th. 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. Evercore ISI restated a “buy” rating and set a $90.00 price target on shares of State Street in a research note on Friday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of State Street from $120.00 to $111.00 and set a “buy” rating on the stock in a report on Friday, September 24th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $92.92.

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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