Congress Wealth Management LLC DE Buys New Shares in State Street Co. (NYSE:STT)

Congress Wealth Management LLC DE purchased a new stake in shares of State Street Co. (NYSE:STT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,132 shares of the asset manager's stock, valued at approximately $307,000.

Several other hedge funds and other institutional investors also recently modified their holdings of STT. Geode Capital Management LLC boosted its position in State Street by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager's stock valued at $632,111,000 after acquiring an additional 41,442 shares in the last quarter. FMR LLC boosted its position in shares of State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager's stock valued at $540,796,000 after purchasing an additional 833,679 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in State Street by 30.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager's stock worth $514,136,000 after purchasing an additional 1,354,560 shares during the period. Amundi grew its stake in State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager's stock worth $547,636,000 after purchasing an additional 561,773 shares during the period. Finally, Franklin Resources Inc. raised its holdings in State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager's stock worth $306,116,000 after purchasing an additional 408,792 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

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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 transaction, the executive vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at $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. 0.31% of the stock is owned by corporate insiders.

State Street Stock Performance

STT traded up $0.44 during midday trading on Wednesday, hitting $89.26. 483,821 shares of the company traded hands, compared to its average volume of 2,164,178. The company's 50-day moving average is $94.99 and its 200 day moving average is $94.65. 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 capitalization of $25.75 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating analysts' consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the prior year, the firm earned $2.04 earnings per share. The firm's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, research analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Tuesday, April 1st. State Street's dividend payout ratio (DPR) is presently 36.89%.

Analysts Set New Price Targets

STT has been the topic of a number of recent research reports. Wells Fargo & Company reduced their target price on shares of State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Wolfe Research raised State Street from an "underperform" rating to a "peer perform" rating in a research report on Monday, January 27th. Morgan Stanley reduced their price objective on State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Barclays boosted their target price on State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. 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 company. Based on data from MarketBeat.com, State Street has a consensus rating of "Hold" and an average price target of $102.07.

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.