Advisors Asset Management Inc. Raises Holdings in State Street Co. (NYSE:STT)

Advisors Asset Management Inc. boosted its stake in shares of State Street Co. (NYSE:STT) by 27.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,532 shares of the asset manager’s stock after acquiring an additional 6,836 shares during the quarter. Advisors Asset Management Inc.’s holdings in State Street were worth $3,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of STT. OneDigital Investment Advisors LLC purchased a new stake in State Street during the 3rd quarter valued at about $270,000. Empowered Funds LLC boosted its holdings in State Street by 11.4% during the 3rd quarter. Empowered Funds LLC now owns 4,929 shares of the asset manager’s stock valued at $432,000 after acquiring an additional 504 shares during the period. Pathstone Holdings LLC boosted its holdings in State Street by 1.2% during the 3rd quarter. Pathstone Holdings LLC now owns 74,575 shares of the asset manager’s stock valued at $6,598,000 after acquiring an additional 856 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in State Street by 3.3% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 5,790 shares of the asset manager’s stock valued at $512,000 after acquiring an additional 184 shares during the period. Finally, Raymond James Trust N.A. purchased a new stake in State Street during the 3rd quarter valued at about $226,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on STT. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Wells Fargo & Company increased their price objective on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus target price of $101.20.

Insiders Place Their Bets

In other State Street news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction 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 owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

State Street Stock Up 0.1 %

STT stock opened at $90.63 on Friday. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. 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 firm has a market cap of $26.14 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The business has a 50 day moving average of $95.93 and a 200 day moving average of $94.16.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The business 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%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 EPS. On average, research analysts forecast that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s payout ratio is 36.89%.

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.