Quantessence Capital LLC Buys Shares of 4,909 State Street Co. (NYSE:STT)

Quantessence Capital LLC purchased a new position in State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,909 shares of the asset manager’s stock, valued at approximately $482,000.

Several other institutional investors and hedge funds also recently modified their holdings of STT. Fayez Sarofim & Co acquired a new position in shares of State Street during the fourth quarter valued at approximately $1,794,000. OneDigital Investment Advisors LLC increased its position in shares of State Street by 6.9% during the 4th quarter. OneDigital Investment Advisors LLC now owns 3,259 shares of the asset manager’s stock valued at $320,000 after purchasing an additional 209 shares during the period. Stifel Financial Corp raised its stake in shares of State Street by 9.1% in the 4th quarter. Stifel Financial Corp now owns 122,254 shares of the asset manager’s stock worth $11,999,000 after buying an additional 10,248 shares in the last quarter. State of Tennessee Department of Treasury lifted its holdings in shares of State Street by 7.0% in the fourth quarter. State of Tennessee Department of Treasury now owns 144,400 shares of the asset manager’s stock valued at $14,173,000 after buying an additional 9,385 shares during the period. Finally, MML Investors Services LLC boosted its stake in State Street by 5.9% during the fourth quarter. MML Investors Services LLC now owns 11,895 shares of the asset manager’s stock valued at $1,168,000 after buying an additional 659 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Activity

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

State Street Price Performance

NYSE STT opened at $83.74 on Wednesday. The company has a 50 day simple moving average of $88.58 and a 200-day simple moving average of $93.70. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The firm has a market capitalization of $24.17 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last issued its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.30 billion. During the same quarter last year, the business posted $1.69 EPS. Equities research analysts predict that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.63%. The ex-dividend date was Tuesday, April 1st. State Street’s payout ratio is currently 34.12%.

Analysts Set New Price Targets

STT has been the subject of a number of research analyst reports. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Barclays reduced their target price on shares of State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a report on Monday. Keefe, Bruyette & Woods dropped their price target on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a report on Monday. Wells Fargo & Company reduced their price objective on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Finally, The Goldman Sachs Group set a $98.00 target price on State Street and gave the stock a “buy” rating in a research report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average target price of $102.15.

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.