2,089 Shares in State Street Co. (NYSE:STT) Bought by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA acquired a new position in State Street Co. (NYSE:STT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 2,089 shares of the asset manager’s stock, valued at approximately $205,000.

Several other hedge funds have also recently made changes to their positions in the business. Adero Partners LLC raised its position in shares of State Street by 3.6% in the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after acquiring an additional 100 shares in the last quarter. Peapack Gladstone Financial Corp raised its position in shares of State Street by 2.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after acquiring an additional 103 shares in the last quarter. Jacobi Capital Management LLC grew its stake in shares of State Street by 1.0% in the 4th quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock valued at $1,201,000 after buying an additional 121 shares during the period. Moors & Cabot Inc. grew its stake in shares of State Street by 0.7% in the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after buying an additional 131 shares during the period. Finally, Apollon Wealth Management LLC grew its stake in shares of State Street by 1.4% in the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after buying an additional 138 shares during the period. 87.44% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

State Street Stock Performance

STT stock opened at $82.47 on Thursday. The firm has a market cap of $23.80 billion, a PE ratio of 10.01, a P/E/G ratio of 1.11 and a beta of 1.42. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The business has a 50 day moving average of $91.80 and a 200-day moving average of $94.12. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.04 earnings per share. As a group, sell-side analysts expect that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is presently 36.89%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on STT shares. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research note on Friday, December 20th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Evercore ISI reduced their target price on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Barclays raised their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company reduced their target price on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $101.07.

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.