377,235 Shares in State Street Co. (NYSE:STT) Bought by C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 377,235 shares of the asset manager’s stock, valued at approximately $37,026,000. State Street accounts for approximately 1.3% of C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ portfolio, making the stock its 14th largest holding. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors owned about 0.13% of State Street at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of STT. Adero Partners LLC boosted its stake in shares of State Street by 3.6% in the fourth quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after acquiring an additional 100 shares during the period. Peapack Gladstone Financial Corp grew its stake in shares of State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after buying an additional 103 shares during the last quarter. Apollon Wealth Management LLC grew its stake in shares of State Street by 1.4% during the fourth quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after buying an additional 138 shares during the last quarter. Empirical Finance LLC grew its stake in State Street by 1.4% in the third quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock worth $997,000 after purchasing an additional 158 shares in the last quarter. Finally, ST Germain D J Co. Inc. grew its stake in State Street by 6.7% in the fourth quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock worth $282,000 after purchasing an additional 180 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and increased their target price for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Barclays raised their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Morgan Stanley reduced their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Friday, January 3rd. Finally, StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research report on Friday. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $100.73.

State Street Trading Up 0.1 %

STT opened at $99.16 on Tuesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The company’s 50 day simple moving average is $98.59 and its two-hundred day simple moving average is $92.29. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00. The firm has a market capitalization of $29.07 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.12 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.04 EPS. Analysts expect that State Street Co. will post 9.6 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s payout ratio is 36.89%.

Insider Buying and Selling at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is owned by corporate insiders.

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.