Summit Global Investments Purchases Shares of 3,016 State Street Co. (NYSE:STT)

Summit Global Investments acquired a new position in shares of State Street Co. (NYSE:STT) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 3,016 shares of the asset manager’s stock, valued at approximately $234,000.

Several other large investors have also made changes to their positions in STT. Commonwealth Equity Services LLC raised its holdings in shares of State Street by 3.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 115,057 shares of the asset manager’s stock worth $7,704,000 after purchasing an additional 3,569 shares during the period. Raymond James & Associates lifted its position in State Street by 23.2% during the third quarter. Raymond James & Associates now owns 74,589 shares of the asset manager’s stock valued at $4,994,000 after buying an additional 14,067 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in State Street by 114.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 173,619 shares of the asset manager’s stock valued at $11,626,000 after buying an additional 92,564 shares in the last quarter. Brown Advisory Inc. grew its stake in State Street by 2.3% during the third quarter. Brown Advisory Inc. now owns 18,526 shares of the asset manager’s stock worth $1,241,000 after buying an additional 422 shares during the period. Finally, Forsta AP Fonden increased its position in shares of State Street by 0.6% in the third quarter. Forsta AP Fonden now owns 79,400 shares of the asset manager’s stock worth $5,317,000 after acquiring an additional 500 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STT has been the subject of a number of research reports. Argus upped their price target on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. JPMorgan Chase & Co. upped their target price on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Evercore ISI raised their price objective on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley boosted their target price on shares of State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Finally, UBS Group increased their price target on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $84.04.

Insider Activity

In related news, EVP Anthony Bisegna sold 2,606 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was 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 $1,294,801. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $73.00, for a total value of $190,238.00. Following the sale, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the chief financial officer now owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock worth $1,390,597 over the last three months. Corporate insiders own 0.31% of the company’s stock.

State Street Stock Up 1.0 %

State Street stock opened at $75.11 on Tuesday. State Street Co. has a one year low of $62.78 and a one year high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a market capitalization of $22.63 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.32 and a beta of 1.52. The company has a 50-day simple moving average of $74.30 and a 200-day simple moving average of $73.17.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The business had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.06 billion. As a group, equities analysts expect that State Street Co. will post 7.96 earnings per share for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.67%. State Street’s dividend payout ratio (DPR) is 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.