Davis Selected Advisers Boosts Stock Position in State Street Corporation $STT

Davis Selected Advisers lifted its position in shares of State Street Corporation (NYSE:STT) by 38.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 143,773 shares of the asset manager’s stock after purchasing an additional 39,988 shares during the period. Davis Selected Advisers’ holdings in State Street were worth $18,548,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Chicago Partners Investment Group LLC boosted its holdings in shares of State Street by 1.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after purchasing an additional 83 shares during the period. Wedmont Private Capital boosted its holdings in shares of State Street by 1.3% during the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock worth $861,000 after purchasing an additional 85 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares during the period. LVW Advisors LLC boosted its holdings in shares of State Street by 1.7% during the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock worth $723,000 after purchasing an additional 96 shares during the period. Finally, Global Retirement Partners LLC boosted its holdings in shares of State Street by 7.7% during the third quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager’s stock worth $171,000 after purchasing an additional 105 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 28,711 shares of company stock worth $3,933,032. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Morgan Stanley increased their price target on shares of State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Seaport Research Partners reissued a “buy” rating and issued a $170.00 price target on shares of State Street in a research note on Monday, April 20th. Royal Bank Of Canada increased their price target on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Citigroup assumed coverage on shares of State Street in a research note on Monday, February 23rd. They issued a “buy” rating and a $150.00 price target for the company. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $154.00.

State Street Price Performance

STT stock opened at $152.12 on Friday. State Street Corporation has a 1 year low of $89.19 and a 1 year high of $156.18. The company has a market cap of $42.10 billion, a P/E ratio of 15.43, a PEG ratio of 0.84 and a beta of 1.45. The firm has a 50-day moving average of $132.73 and a 200 day moving average of $127.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 earnings per share. On average, sell-side analysts forecast that State Street Corporation will post 12.31 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 34.08%.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.