Brown Miller Wealth Management LLC Decreases Stake in State Street Co. (NYSE:STT)

Brown Miller Wealth Management LLC cut its holdings in shares of State Street Co. (NYSE:STT) by 10.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,243 shares of the asset manager’s stock after selling 392 shares during the quarter. Brown Miller Wealth Management LLC’s holdings in State Street were worth $251,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of STT. CVA Family Office LLC bought a new position in shares of State Street during the fourth quarter valued at approximately $27,000. Covestor Ltd boosted its holdings in shares of State Street by 69.2% in the 1st quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock valued at $50,000 after buying an additional 234 shares in the last quarter. State of Wyoming increased its holdings in shares of State Street by 51.3% in the 2nd quarter. State of Wyoming now owns 619 shares of the asset manager’s stock valued at $45,000 after purchasing an additional 210 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of State Street in the fourth quarter worth approximately $51,000. Finally, IFP Advisors Inc increased its stake in shares of State Street by 24.9% in the second quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock worth $54,000 after buying an additional 146 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on STT shares. The Goldman Sachs Group raised State Street from a “neutral” rating to a “buy” rating and raised their target price for the stock from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Royal Bank of Canada boosted their target price on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research note on Monday, January 22nd. Morgan Stanley raised their price target on State Street from $83.00 to $88.00 and gave the company an “equal weight” rating in a report on Tuesday, January 30th. Bank of America reissued an “underperform” rating and issued a $81.00 target price on shares of State Street in a research report on Thursday, January 4th. Finally, UBS Group increased their price objective on shares of State Street from $70.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $81.83.

Insider Buying and Selling

In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of State Street stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares in the company, valued at approximately $11,015,755.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Eric W. Aboaf sold 12,000 shares of the business’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 completion of the transaction, the chief financial officer now owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony Bisegna sold 2,606 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the transaction, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The disclosure for this sale can be found here. Insiders have sold 18,864 shares of company stock valued at $1,390,597 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

State Street Trading Up 1.5 %

Shares of State Street stock traded up $1.12 on Thursday, reaching $77.32. 2,121,676 shares of the company were exchanged, compared to its average volume of 2,238,809. The stock has a fifty day moving average price of $73.46 and a 200-day moving average price of $71.71. 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 Co. has a fifty-two week low of $62.78 and a fifty-two week high of $81.37. The firm has a market capitalization of $23.35 billion, a price-to-earnings ratio of 14.08, a price-to-earnings-growth ratio of 1.33 and a beta of 1.52.

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

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Monday, April 1st will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Thursday, March 28th. State Street’s payout ratio is 50.27%.

State Street Company 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.