MONECO Advisors LLC Purchases New Shares in State Street Co. (NYSE:STT)

MONECO Advisors LLC purchased a new stake in State Street Co. (NYSE:STT) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 17,732 shares of the asset manager’s stock, valued at approximately $1,740,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in State Street by 0.6% in 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 during the period. FMR LLC grew its stake in State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after acquiring an additional 1,354,560 shares during the period. Franklin Resources Inc. grew its stake in State Street by 13.8% in the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after acquiring an additional 408,792 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in State Street by 1.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,421,569 shares of the asset manager’s stock valued at $214,236,000 after acquiring an additional 23,252 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on STT. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Wells Fargo & Company raised their price objective on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft restated 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. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $100.73.

State Street Stock Down 0.9 %

Shares of STT opened at $98.74 on Friday. The firm has a market cap of $28.48 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company’s 50-day moving average price is $98.55 and its 200 day moving average price is $92.90. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last issued its quarterly earnings data 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. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. State Street’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. On average, sell-side analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.08%. State Street’s dividend payout ratio (DPR) is currently 36.89%.

Insider Activity at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % 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 State Street stock in a transaction dated Tuesday, February 18th. The shares were 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 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. In the last ninety days, insiders have sold 27,020 shares of company stock worth $2,674,661. Company insiders own 0.31% of the company’s stock.

About State Street

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.