State Street Co. (NYSE:STT) Position Cut by Meritage Portfolio Management

Meritage Portfolio Management trimmed its stake in State Street Co. (NYSE:STT) by 0.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 67,753 shares of the asset manager’s stock after selling 288 shares during the quarter. Meritage Portfolio Management’s holdings in State Street were worth $5,248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. CVA Family Office LLC purchased a new position in State Street in the 4th quarter worth about $27,000. Venturi Wealth Management LLC lifted its holdings in State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after purchasing an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in shares of State Street during the fourth quarter worth approximately $35,000. Bruce G. Allen Investments LLC acquired a new position in shares of State Street during the fourth quarter worth approximately $51,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of State Street during the third quarter worth approximately $72,000. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $11,015,755.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Anthony Bisegna sold 4,258 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the sale, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,864 shares of company stock valued at $1,390,597. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of a number of research analyst reports. Bank of America reiterated an “underperform” rating and set a $81.00 price target on shares of State Street in a report on Thursday, January 4th. JPMorgan Chase & Co. boosted their price objective on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. The Goldman Sachs Group upgraded State Street from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Keefe, Bruyette & Woods lowered their price objective on State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. Finally, Barclays upped their price target on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $84.04.

State Street Stock Up 0.5 %

STT stock traded up $0.35 during mid-day trading on Friday, reaching $73.64. The company had a trading volume of 1,077,109 shares, compared to its average volume of 2,392,959. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. The stock has a 50 day simple moving average of $74.14 and a two-hundred day simple moving average of $72.68. The company has a market capitalization of $22.23 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.32 and a beta of 1.52. State Street Co. has a 52 week low of $62.78 and a 52 week high of $79.90.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.75%. State Street’s payout ratio is currently 51.69%.

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.