NewEdge Wealth LLC Invests $522,000 in State Street Co. (NYSE:STT)

NewEdge Wealth LLC bought a new stake in shares of State Street Co. (NYSE:STT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,734 shares of the asset manager’s stock, valued at approximately $522,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new stake in shares of State Street during the fourth quarter valued at approximately $184,482,000. Morgan Stanley raised its holdings in State Street by 31.1% during the 4th quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager’s stock valued at $467,876,000 after buying an additional 1,430,237 shares during the last quarter. Eaton Vance Management boosted its position in State Street by 159.8% during the 1st quarter. Eaton Vance Management now owns 1,750,857 shares of the asset manager’s stock valued at $152,535,000 after buying an additional 1,077,013 shares during the period. AustralianSuper Pty Ltd grew its holdings in State Street by 327.0% in the 3rd quarter. AustralianSuper Pty Ltd now owns 1,325,417 shares of the asset manager’s stock worth $88,750,000 after acquiring an additional 1,015,022 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of State Street in the fourth quarter valued at about $45,687,000. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the sale, the chief financial officer now owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, 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 completion of the sale, the executive vice president now owns 17,737 shares of the company’s stock, valued at $1,294,801. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were 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 directly owns 149,063 shares in the company, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. In 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.

State Street Trading Down 2.5 %

Shares of NYSE STT opened at $73.02 on Wednesday. The firm’s 50 day moving average price is $73.98 and its 200-day moving average price is $72.36. State Street Co. has a 52-week low of $62.78 and a 52-week high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61. The company has a market cap of $22.05 billion, a PE ratio of 13.67, a P/E/G ratio of 1.40 and a beta of 1.52.

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

State Street Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group increased their target price on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Bank of America reiterated an “underperform” rating and issued a $81.00 price objective on shares of State Street in a research report on Thursday, January 4th. Argus boosted their target price on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Monday. Barclays raised their price target on State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reduced their target price on State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $84.04.

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.