Parsons Capital Management Inc. RI Takes $228,000 Position in State Street Co. (NYSE:STT)

Parsons Capital Management Inc. RI purchased a new stake in State Street Co. (NYSE:STTFree Report) in the fourth quarter, Holdings Channel.com reports. The fund purchased 2,949 shares of the asset manager’s stock, valued at approximately $228,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. apricus wealth LLC increased its holdings in State Street by 8.4% during the 4th quarter. apricus wealth LLC now owns 42,717 shares of the asset manager’s stock valued at $3,309,000 after acquiring an additional 3,292 shares in the last quarter. Bridge Creek Capital Management LLC increased its holdings in State Street by 0.5% during the 4th quarter. Bridge Creek Capital Management LLC now owns 47,794 shares of the asset manager’s stock valued at $3,702,000 after acquiring an additional 235 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of State Street by 36.2% during the fourth quarter. Fifth Third Bancorp now owns 73,764 shares of the asset manager’s stock worth $5,714,000 after buying an additional 19,588 shares in the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of State Street by 24.1% during the fourth quarter. Pinnacle Associates Ltd. now owns 6,122 shares of the asset manager’s stock worth $474,000 after buying an additional 1,187 shares in the last quarter. Finally, Life Planning Partners Inc purchased a new stake in shares of State Street during the fourth quarter worth about $79,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of recent research reports. Keefe, Bruyette & Woods lowered their price target 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. Barclays boosted their target price 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. UBS Group boosted their target price on shares of State Street from $70.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, January 9th. 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. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $83.00 target price on shares of State Street in a report on Wednesday, December 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, State Street has a consensus rating of “Hold” and an average price target of $81.83.

View Our Latest Stock Report on State Street

State Street Price Performance

STT opened at $77.32 on Thursday. The company has a market cap of $23.35 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.35 and a beta of 1.52. The company has a 50 day moving average of $73.67 and a two-hundred day moving average of $71.87. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.86. State Street Co. has a 52-week low of $62.78 and a 52-week high of $81.37.

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

State Street Announces Dividend

The company 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 $0.69 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.76 annualized dividend and a dividend yield of 3.57%. State Street’s dividend payout ratio (DPR) is presently 50.27%.

Insider Activity

In other news, EVP Anthony Bisegna sold 2,606 shares of the company’s stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the sale, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Anthony Bisegna sold 2,606 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction 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 disclosure for this sale can be found here. Over the last three months, insiders sold 18,864 shares of company stock worth $1,390,597. 0.25% of the stock is currently owned by company insiders.

State Street Profile

(Free Report)

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.

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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