Apollon Wealth Management LLC Raises Stake in State Street Co. (NYSE:STT)

Apollon Wealth Management LLC increased its stake in shares of State Street Co. (NYSE:STT) by 2.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 9,912 shares of the asset manager’s stock after purchasing an additional 241 shares during the period. Apollon Wealth Management LLC’s holdings in State Street were worth $877,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in State Street during the 1st quarter worth about $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in State Street during the 2nd quarter worth about $27,000. Versant Capital Management Inc lifted its holdings in State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after purchasing an additional 416 shares in the last quarter. Trust Co. of Vermont lifted its holdings in State Street by 44.4% during the 2nd quarter. Trust Co. of Vermont now owns 650 shares of the asset manager’s stock worth $48,000 after purchasing an additional 200 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in State Street in the 3rd quarter worth about $54,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

In related news, 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 transaction, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. This trade 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 the SEC website. 0.31% of the stock is owned by corporate insiders.

State Street Price Performance

STT opened at $95.48 on Friday. The stock’s 50 day simple moving average is $89.76 and its 200 day simple moving average is $81.98. 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 Co. has a 1 year low of $68.92 and a 1 year high of $98.45. The firm has a market cap of $27.99 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 1.18 and a beta of 1.46.

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

Analyst Ratings Changes

STT has been the topic of a number of research analyst reports. The Goldman Sachs Group upped their target price on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Wells Fargo & Company upped their target price on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday. Evercore ISI upped their target price on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley upped their target price on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Citigroup upped their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $92.11.

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.