IFG Advisory LLC Grows Stake in State Street Co. (NYSE:STT)

IFG Advisory LLC increased its position in shares of State Street Co. (NYSE:STT) by 4.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,527 shares of the asset manager’s stock after buying an additional 583 shares during the quarter. IFG Advisory LLC’s holdings in State Street were worth $970,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in STT. CVA Family Office LLC acquired a new position in State Street during the fourth quarter worth $27,000. State of Wyoming raised its holdings in State Street by 51.3% during the second quarter. State of Wyoming now owns 619 shares of the asset manager’s stock worth $45,000 after purchasing an additional 210 shares during the last quarter. Covestor Ltd raised its holdings in State Street by 69.2% during 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. Bruce G. Allen Investments LLC acquired a new position in shares of State Street in the fourth quarter worth $51,000. Finally, IFP Advisors Inc raised its holdings in shares of State Street by 24.9% in the second quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock worth $54,000 after acquiring an additional 146 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada boosted their price target on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a report on Monday, January 22nd. The Goldman Sachs Group raised State Street from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. UBS Group boosted their price target on State Street from $70.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, January 9th. Bank of America reissued an “underperform” rating and set a $81.00 price target on shares of State Street in a research report on Thursday, January 4th. Finally, Barclays boosted their price target on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $81.83.

Insider Activity at State Street

In other State Street news, EVP Anthony Bisegna sold 2,606 shares of State Street 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 owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other State Street news, EVP Anthony Bisegna sold 2,606 shares of State Street 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 owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of State Street stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. Insiders sold a total of 18,864 shares of company stock valued at $1,390,597 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

State Street Stock Up 0.9 %

Shares of STT opened at $76.88 on Thursday. The stock has a market cap of $23.21 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 1.33 and a beta of 1.52. 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 12 month low of $62.78 and a 12 month high of $81.37. The company has a 50-day moving average price of $73.42 and a two-hundred day moving average price of $71.68.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $2.95 billion. State Street had a net margin of 10.59% and a return on equity of 11.86%. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.07 earnings per share. Equities analysts predict that State Street Co. will post 7.83 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Monday, April 1st will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Thursday, March 28th. State Street’s dividend payout ratio is currently 50.27%.

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.