Ferguson Wellman Capital Management Inc. Has $132.40 Million Stock Holdings in State Street Corporation $STT

Ferguson Wellman Capital Management Inc. grew its stake in State Street Corporation (NYSE:STT) by 1.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,141,261 shares of the asset manager’s stock after purchasing an additional 14,236 shares during the quarter. State Street makes up approximately 2.1% of Ferguson Wellman Capital Management Inc.’s holdings, making the stock its 10th biggest holding. Ferguson Wellman Capital Management Inc. owned about 0.40% of State Street worth $132,398,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of STT. Invesco Ltd. raised its stake in State Street by 4.7% during the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after buying an additional 381,547 shares in the last quarter. Dodge & Cox increased its holdings in shares of State Street by 1.1% in the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after acquiring an additional 80,855 shares during the last quarter. Geode Capital Management LLC raised its position in shares of State Street by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after acquiring an additional 27,098 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in State Street by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager’s stock worth $242,932,000 after purchasing an additional 49,353 shares during the last quarter. Finally, Norges Bank acquired a new position in State Street in the second quarter worth $256,367,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Loop Capital set a $144.00 target price on shares of State Street in a report on Tuesday. Citigroup boosted their price objective on shares of State Street from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a report on Tuesday. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $168.00 price target on shares of State Street in a research report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.77.

State Street Trading Up 0.2%

State Street stock opened at $132.70 on Friday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $134.67. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $37.06 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 1.09 and a beta of 1.43. The firm has a 50-day moving average price of $123.35 and a two-hundred day moving average price of $115.95.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the previous year, the firm posted $2.26 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. Sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 12th. Stockholders of record on Friday, January 2nd will be paid a $0.84 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $3.36 annualized dividend and a dividend yield of 2.5%. State Street’s dividend payout ratio is presently 35.56%.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the transaction, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.