Private Management Group Inc. Raises Stock Position in State Street Co. (NYSE:STT)

Private Management Group Inc. increased its holdings in State Street Co. (NYSE:STT) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 543,502 shares of the asset manager’s stock after purchasing an additional 5,542 shares during the quarter. State Street makes up 1.6% of Private Management Group Inc.’s investment portfolio, making the stock its 9th biggest holding. Private Management Group Inc. owned approximately 0.18% of State Street worth $42,100,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of STT. International Assets Investment Management LLC acquired a new position in State Street in the third quarter valued at $743,000. CWM LLC lifted its holdings in State Street by 17.2% in the third quarter. CWM LLC now owns 5,912 shares of the asset manager’s stock valued at $396,000 after buying an additional 866 shares during the period. HB Wealth Management LLC lifted its holdings in State Street by 5.6% in the third quarter. HB Wealth Management LLC now owns 3,390 shares of the asset manager’s stock valued at $227,000 after buying an additional 181 shares during the period. Caprock Group LLC raised its holdings in shares of State Street by 7.4% during the third quarter. Caprock Group LLC now owns 4,317 shares of the asset manager’s stock valued at $292,000 after purchasing an additional 298 shares during the period. Finally, NovaPoint Capital LLC raised its holdings in shares of State Street by 2.5% during the third quarter. NovaPoint Capital LLC now owns 41,368 shares of the asset manager’s stock valued at $2,770,000 after purchasing an additional 1,016 shares during the period. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays upped their price objective on shares of State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. Bank of America restated an “underperform” rating and issued a $81.00 target price on shares of State Street in a report on Thursday, January 4th. Morgan Stanley upped their target price on shares of State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Royal Bank of Canada upped their target price on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a report on Monday, January 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $84.04.

Insider Activity

In other news, CFO Eric W. Aboaf sold 12,000 shares of the 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 transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Anthony Bisegna sold 4,258 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock valued at $1,390,597 in the last three months. Company insiders own 0.31% of the company’s stock.

State Street Stock Down 0.2 %

STT stock traded down $0.12 during trading on Tuesday, reaching $74.40. The stock had a trading volume of 2,423,966 shares, compared to its average volume of 2,286,060. State Street Co. has a one year low of $62.78 and a one year high of $79.90. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. The company’s 50 day moving average is $74.08 and its two-hundred day moving average is $72.67. The company has a market capitalization of $22.46 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 1.30 and a beta of 1.52.

State Street (NYSE:STT) last released its earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the prior year, the firm earned $2.07 EPS. The company’s revenue was down 3.5% compared to the same quarter last year. Equities research analysts forecast that State Street Co. will post 7.93 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio is currently 51.69%.

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.