Bangor Savings Bank Has $64,000 Position in State Street Co. (NYSE:STT)

Bangor Savings Bank reduced its stake in shares of State Street Co. (NYSE:STT) by 32.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 716 shares of the asset manager’s stock after selling 342 shares during the quarter. Bangor Savings Bank’s holdings in State Street were worth $64,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of STT. Jacobi Capital Management LLC increased its position in State Street by 1.0% during the 4th quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock worth $1,201,000 after buying an additional 121 shares during the period. Moors & Cabot Inc. increased its position in State Street by 0.7% during the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock worth $1,799,000 after buying an additional 131 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager’s stock worth $104,000 after buying an additional 134 shares during the period. Apollon Wealth Management LLC increased its position in State Street by 1.4% during the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock worth $986,000 after buying an additional 138 shares during the period. Finally, Huntington National Bank increased its position in State Street by 1.3% during the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager’s stock worth $1,146,000 after buying an additional 150 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer now directly owns 7,354 shares of the company’s stock, valued at $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Morgan Stanley set a $110.00 price objective on State Street and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Cfra Research cut State Street from a “moderate buy” rating to a “hold” rating in a research report on Thursday, May 29th. Evercore ISI lowered their price objective on State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. The Goldman Sachs Group set a $98.00 target price on State Street and gave the stock a “buy” rating in a report on Thursday, April 17th. Finally, Wells Fargo & Company reduced their target price on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $102.54.

State Street Stock Performance

NYSE:STT opened at $98.63 on Monday. The stock’s 50-day simple moving average is $89.43 and its 200 day simple moving average is $94.02. The firm has a market capitalization of $28.13 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same period last year, the firm posted $1.69 earnings per share. On average, analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Tuesday, July 1st. State Street’s payout ratio is 34.12%.

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.