NewEdge Wealth LLC Takes Position in State Street Co. (NYSE:STT)

NewEdge Wealth LLC acquired a new position in shares of State Street Co. (NYSE:STT) in the fourth quarter, Holdings Channel reports. The firm acquired 6,734 shares of the asset manager’s stock, valued at approximately $522,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. CVA Family Office LLC bought a new position in State Street in the fourth quarter worth about $27,000. Venturi Wealth Management LLC raised its stake in shares of State Street by 92.5% during 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 during the fourth quarter valued at approximately $35,000. State of Wyoming boosted its stake in State Street by 51.3% in the second quarter. State of Wyoming now owns 619 shares of the asset manager’s stock valued at $45,000 after acquiring an additional 210 shares in the last quarter. Finally, Covestor Ltd grew its holdings in State Street by 69.2% in the first quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock worth $50,000 after purchasing an additional 234 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In other news, EVP Anthony Bisegna sold 2,606 shares of the firm’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 transaction of $190,238.00. Following the sale, the executive vice president now owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The sale was disclosed in a 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 dated Thursday, February 29th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Anthony Bisegna sold 2,606 shares of the firm’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 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 ninety days, insiders sold 18,864 shares of company stock worth $1,390,597. 0.31% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on STT shares. Evercore ISI increased their price objective on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. UBS Group increased their price target on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. JPMorgan Chase & Co. boosted their price target on State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Bank of America reaffirmed an “underperform” rating and issued a $81.00 price objective on shares of State Street in a research report on Thursday, January 4th. Finally, The Goldman Sachs Group raised shares of State Street from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, State Street presently has an average rating of “Hold” and a consensus price target of $84.04.

State Street Stock Down 2.5 %

STT stock opened at $73.02 on Wednesday. The company has a market capitalization of $22.05 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 1.40 and a beta of 1.52. State Street Co. has a 12 month low of $62.78 and a 12 month high of $79.90. The firm’s fifty day simple moving average is $73.98 and its 200-day simple moving average is $72.36. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.83 by $0.21. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.95 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. The firm’s revenue was down 3.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.07 earnings per share. As a group, equities research analysts forecast that State Street Co. will post 7.87 earnings per share for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.78%. The ex-dividend date was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is 51.69%.

About State Street

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.