IFG Advisory LLC Raises Stake in State Street Co. (NYSE:STT)

IFG Advisory LLC raised its position in shares of State Street Co. (NYSE:STT) by 4.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 12,527 shares of the asset manager’s stock after purchasing an additional 583 shares during the period. IFG Advisory LLC’s holdings in State Street were worth $970,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in STT. Trust Co of the South bought a new stake in State Street in the fourth quarter worth $320,000. Raymond James Financial Services Advisors Inc. boosted its stake in State Street by 1.3% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 175,952 shares of the asset manager’s stock worth $13,629,000 after buying an additional 2,333 shares during the period. CVA Family Office LLC purchased a new position in State Street during the fourth quarter worth $27,000. Raymond James & Associates boosted its stake in shares of State Street by 9.7% during the fourth quarter. Raymond James & Associates now owns 81,817 shares of the asset manager’s stock valued at $6,338,000 after purchasing an additional 7,228 shares during the period. Finally, AustralianSuper Pty Ltd boosted its stake in shares of State Street by 15.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 1,529,109 shares of the asset manager’s stock valued at $118,445,000 after purchasing an additional 203,692 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the sale, the chief financial officer now owns 149,063 shares in the company, valued at $11,015,755.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total value of $313,559.12. Following the sale, the executive vice president now owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,864 shares of company stock valued at $1,390,597. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on STT shares. The Goldman Sachs Group raised shares of State Street from a “neutral” rating to a “buy” rating and boosted their target price for the company from $69.00 to $92.00 in a research note on Wednesday, January 3rd. Bank of America reaffirmed an “underperform” rating and issued a $81.00 price objective on shares of State Street in a research note on Thursday, January 4th. Morgan Stanley upped their price objective on shares of State Street from $83.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. Wells Fargo & Company reiterated an “overweight” rating and issued a $83.00 target price on shares of State Street in a report on Wednesday, December 6th. Finally, UBS Group boosted their target price on shares of State Street from $70.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $81.83.

State Street Stock Up 0.9 %

Shares of STT opened at $76.88 on Thursday. The firm has a market cap of $23.21 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 1.33 and a beta of 1.52. State Street Co. has a 12-month low of $62.78 and a 12-month high of $81.37. The company’s 50-day moving average price is $73.42 and its 200 day moving average price is $71.68. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.86.

State Street (NYSE:STT) last released its earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.21. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. State Street had a return on equity of 11.86% and a net margin of 10.59%. State Street’s revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.07 EPS. On average, sell-side analysts forecast that State Street Co. will post 7.83 earnings per share for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Monday, April 1st will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, March 28th. State Street’s dividend payout ratio is presently 50.27%.

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.