State Street Co. (NYSE:STT) Position Lessened by AlphaQuest LLC

AlphaQuest LLC lowered its holdings in State Street Co. (NYSE:STT - Free Report) by 19.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,630 shares of the asset manager's stock after selling 4,086 shares during the period. AlphaQuest LLC's holdings in State Street were worth $1,632,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Albion Financial Group UT purchased a new position in State Street in the fourth quarter valued at about $25,000. Y.D. More Investments Ltd lifted its holdings in State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock worth $36,000 after buying an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in State Street during the 4th quarter worth approximately $42,000. Coastline Trust Co bought a new position in State Street during the 3rd quarter worth approximately $44,000. Finally, Friedenthal Financial bought a new position in State Street during the 4th quarter worth approximately $49,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Wells Fargo & Company increased their target price 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 raised State Street from an "underperform" rating to a "peer perform" rating in a report on Monday, January 27th. Morgan Stanley reduced their target price on State Street from $142.00 to $139.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Keefe, Bruyette & Woods raised State Street from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Barclays increased their price target on State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, State Street has an average rating of "Hold" and a consensus price target of $101.20.

Remove Ads

State Street Price Performance

Shares of STT stock traded up $0.04 during mid-day trading on Wednesday, hitting $85.76. 2,420,295 shares of the stock traded hands, compared to its average volume of 2,076,171. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The firm has a market cap of $24.74 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company's 50-day simple moving average is $97.18 and its 200-day simple moving average is $94.09. 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 (NYSE:STT - Get Free Report) last issued its quarterly 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. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.27 billion. During the same period last year, the firm earned $2.04 EPS. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities research analysts expect that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Tuesday, April 1st. State Street's dividend payout ratio (DPR) is presently 36.89%.

Insider Activity

In other news, 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 transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares of the company's stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 sale, the executive vice president now directly owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

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.