Forum Financial Management LP Boosts Stake in State Street Co. (NYSE:STT)

Forum Financial Management LP raised its holdings in shares of State Street Co. (NYSE:STT) by 5.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,483 shares of the asset manager’s stock after buying an additional 232 shares during the period. Forum Financial Management LP’s holdings in State Street were worth $440,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Adero Partners LLC boosted its holdings in State Street by 3.6% during the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock valued at $285,000 after acquiring an additional 100 shares during the period. Peapack Gladstone Financial Corp lifted its position in shares of State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after purchasing an additional 103 shares during the last quarter. Jacobi Capital Management LLC boosted its stake in shares of State Street by 1.0% during the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock valued at $1,201,000 after purchasing an additional 121 shares during the period. Moors & Cabot Inc. grew its holdings in shares of State Street by 0.7% in the fourth quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock worth $1,799,000 after purchasing an additional 131 shares during the last quarter. Finally, Apollon Wealth Management LLC increased its stake in State Street by 1.4% in the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock worth $986,000 after buying an additional 138 shares during the period. Institutional investors own 87.44% of the company’s stock.

State Street Stock Up 2.2 %

NYSE:STT opened at $81.39 on Monday. The company’s 50-day simple moving average is $89.24 and its 200-day simple moving average is $93.82. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The stock has a market capitalization of $23.49 billion, a P/E ratio of 9.88, a P/E/G ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT) last announced its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period last year, the firm earned $1.69 earnings per share. On average, equities analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend was Tuesday, April 1st. State Street’s dividend payout ratio is currently 34.12%.

Insider Buying and Selling at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the firm’s 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 transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated 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 sale, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. 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. Bank of America increased their price objective on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 2nd. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Morgan Stanley lowered their target price on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Wednesday, April 2nd. Finally, The Goldman Sachs Group set a $98.00 price target on State Street and gave the company a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $103.54.

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.