Davis R M Inc. Sells 1,100 Shares of State Street Co. (NYSE:STT)

Davis R M Inc. lessened its holdings in shares of State Street Co. (NYSE:STT) by 24.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 3,417 shares of the asset manager’s stock after selling 1,100 shares during the period. Davis R M Inc.’s holdings in State Street were worth $265,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dai ichi Life Insurance Company Ltd bought a new position in State Street during the fourth quarter valued at approximately $201,000. Franklin Resources Inc. raised its position in State Street by 33.2% during the fourth quarter. Franklin Resources Inc. now owns 437,076 shares of the asset manager’s stock valued at $33,836,000 after acquiring an additional 109,025 shares in the last quarter. Brandes Investment Partners LP raised its position in shares of State Street by 16.9% in the fourth quarter. Brandes Investment Partners LP now owns 857,557 shares of the asset manager’s stock valued at $66,426,000 after purchasing an additional 124,150 shares during the period. Assetmark Inc. raised its position in shares of State Street by 8.5% in the fourth quarter. Assetmark Inc. now owns 3,771 shares of the asset manager’s stock valued at $292,000 after purchasing an additional 296 shares during the period. Finally, Quest Partners LLC bought a new position in shares of State Street in the fourth quarter valued at approximately $1,343,000. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the transaction, the executive vice president now owns 23,328 shares in the company, valued at approximately $1,717,873.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Anthony Bisegna sold 4,258 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the sale, the executive vice president now owns 23,328 shares in the company, valued at approximately $1,717,873.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now owns 149,063 shares in the company, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

State Street Price Performance

Shares of STT stock traded down $0.80 during trading hours on Thursday, reaching $75.69. 473,634 shares of the company were exchanged, compared to its average volume of 2,303,232. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $79.90. The stock’s fifty day moving average is $75.16 and its two-hundred day moving average is $74.11. The company has a market cap of $22.80 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 1.32 and a beta of 1.51. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT) last announced its earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. The company had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.06 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. Sell-side analysts forecast that State Street Co. will post 7.95 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Monday, July 1st will be issued a $0.69 dividend. The ex-dividend date is Monday, July 1st. This represents a $2.76 annualized dividend and a yield of 3.65%. State Street’s dividend payout ratio is currently 51.69%.

Wall Street Analyst Weigh In

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

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.