Lorne Steinberg Wealth Management Inc. Purchases 370 Shares of State Street Co. (NYSE:STT)

Lorne Steinberg Wealth Management Inc. increased its position in State Street Co. (NYSE:STT) by 1.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,145 shares of the asset manager’s stock after buying an additional 370 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in State Street were worth $3,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. HBK Sorce Advisory LLC lifted its stake in shares of State Street by 0.8% in the 3rd quarter. HBK Sorce Advisory LLC now owns 20,131 shares of the asset manager’s stock valued at $1,348,000 after acquiring an additional 151 shares during the last quarter. Cardinal Capital Management boosted its stake in shares of State Street by 0.4% during the fourth quarter. Cardinal Capital Management now owns 48,917 shares of the asset manager’s stock valued at $3,822,000 after purchasing an additional 174 shares during the period. Mathes Company Inc. grew its holdings in shares of State Street by 0.5% in the third quarter. Mathes Company Inc. now owns 32,550 shares of the asset manager’s stock worth $2,180,000 after purchasing an additional 175 shares during the last quarter. Lido Advisors LLC increased its stake in shares of State Street by 1.6% in the third quarter. Lido Advisors LLC now owns 11,298 shares of the asset manager’s stock worth $756,000 after buying an additional 178 shares during the period. Finally, HB Wealth Management LLC raised its holdings in State Street by 5.6% during the 3rd quarter. HB Wealth Management LLC now owns 3,390 shares of the asset manager’s stock valued at $227,000 after buying an additional 181 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

STT stock traded down $0.32 during trading on Wednesday, hitting $74.07. 3,029,332 shares of the company’s stock traded hands, compared to its average volume of 2,290,665. State Street Co. has a 52 week low of $62.78 and a 52 week high of $79.90. The stock has a market capitalization of $22.36 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 1.32 and a beta of 1.52. The business has a fifty day simple moving average of $74.08 and a 200 day simple moving average of $72.67. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio is currently 51.69%.

Insider Activity at State Street

In other news, 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 value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the sale, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Anthony Bisegna sold 4,258 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the transaction, the executive vice president now owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,864 shares of company stock worth $1,390,597. Company insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the topic of several research reports. Royal Bank of Canada raised their target price on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, January 22nd. 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. Bank of America reaffirmed an “underperform” rating and set a $81.00 target price on shares of State Street in a report on Thursday, January 4th. Argus lifted their price target 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. Finally, Barclays boosted their price objective on shares of State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. 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 stock. Based on data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $84.04.

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.