Prudential Financial Inc. Boosts Stock Holdings in State Street Co. (NYSE:STT)

Prudential Financial Inc. raised its stake in State Street Co. (NYSE:STT - Free Report) by 106.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 626,212 shares of the asset manager's stock after acquiring an additional 323,314 shares during the quarter. Prudential Financial Inc. owned about 0.21% of State Street worth $61,463,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of STT. Albion Financial Group UT acquired a new position in shares of State Street in the fourth quarter valued at approximately $25,000. Y.D. More Investments Ltd grew its stake in shares of State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock valued at $36,000 after acquiring an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in State Street during the fourth quarter worth about $42,000. Friedenthal Financial bought a new stake in State Street in the 4th quarter valued at about $49,000. Finally, Hager Investment Management Services LLC bought a new position in shares of State Street during the fourth quarter worth approximately $56,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

STT traded down $2.83 on Friday, reaching $88.95. The stock had a trading volume of 1,425,000 shares, compared to its average volume of 2,168,959. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $25.66 billion, a price-to-earnings ratio of 10.80, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The firm has a 50-day moving average of $95.35 and a 200-day moving average of $94.48.

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State Street (NYSE:STT - Get Free Report) last released 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 net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter last year, the firm earned $2.04 earnings per share. The company's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, sell-side analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.42%. State Street's dividend payout ratio (DPR) is 36.89%.

Insider Transactions at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the firm's stock in a transaction that occurred 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. The trade was 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.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company reduced their price target on State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a research report on Friday. JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price target on the stock in a research report on Friday, December 20th. Morgan Stanley dropped their target price on shares of State Street from $142.00 to $139.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Keefe, Bruyette & Woods upgraded shares of State Street from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Finally, StockNews.com downgraded shares of State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $101.53.

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.