Private Management Group Inc. Boosts Holdings in State Street Co. (NYSE:STT)

Private Management Group Inc. raised its stake in shares of State Street Co. (NYSE:STT) by 1.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 543,502 shares of the asset manager’s stock after acquiring an additional 5,542 shares during the period. State Street makes up approximately 1.6% of Private Management Group Inc.’s holdings, making the stock its 9th biggest position. Private Management Group Inc.’s holdings in State Street were worth $42,100,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. CVA Family Office LLC bought a new position in shares of State Street in the 4th quarter worth approximately $27,000. Venturi Wealth Management LLC increased 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 acquiring an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in State Street in the 4th quarter worth approximately $35,000. Bruce G. Allen Investments LLC purchased a new stake in State Street in the 4th quarter worth approximately $51,000. Finally, GAMMA Investing LLC purchased a new stake in State Street in the 4th quarter worth approximately $75,000. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

In related news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Eric W. Aboaf sold 12,000 shares of State Street stock in a transaction on Thursday, February 29th. The stock was 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 $11,015,755.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Anthony Bisegna sold 2,606 shares of State Street stock in a transaction on Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the sale, the executive vice president now owns 17,737 shares of the company’s stock, valued at $1,294,801. The disclosure for this sale can be found here. Insiders sold a total of 18,864 shares of company stock worth $1,390,597 over the last three months. 0.31% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on STT. Barclays increased their target price on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Bank of America reaffirmed an “underperform” rating and set a $81.00 price objective on shares of State Street in a report on Thursday, January 4th. Keefe, Bruyette & Woods cut their price objective on shares of State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. JPMorgan Chase & Co. increased their price objective on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Finally, UBS Group increased their price objective on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $84.04.

State Street Price Performance

Shares of STT stock traded down $0.12 on Tuesday, reaching $74.40. The company’s stock had a trading volume of 2,423,966 shares, compared to its average volume of 2,286,060. The stock’s fifty day simple moving average is $74.08 and its 200-day simple moving average is $72.67. State Street Co. has a 1 year low of $62.78 and a 1 year high of $79.90. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $22.46 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 1.30 and a beta of 1.52.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 12.03% and a net margin of 9.62%. State Street’s revenue was down 3.5% on a year-over-year basis. During the same period last year, the company earned $2.07 earnings per share. Analysts forecast that State Street Co. will post 7.93 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were given a $0.69 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a yield of 3.71%. State Street’s dividend payout ratio is presently 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.