M&T Bank Corp Boosts Position in State Street Co. (NYSE:STT)

M&T Bank Corp grew its holdings in State Street Co. (NYSE:STT) by 0.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 92,618 shares of the asset manager’s stock after acquiring an additional 461 shares during the period. M&T Bank Corp’s holdings in State Street were worth $7,174,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in STT. CVA Family Office LLC purchased a new stake in State Street in the fourth quarter valued at $27,000. Venturi Wealth Management LLC boosted its stake in shares of State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after buying an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in State Street during the fourth quarter worth about $35,000. Bruce G. Allen Investments LLC purchased a new position in State Street during the fourth quarter valued at approximately $51,000. Finally, GAMMA Investing LLC purchased a new position in State Street during the fourth quarter valued at approximately $75,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of State Street stock opened at $74.39 on Monday. The business’s 50 day moving average price is $74.26 and its 200 day moving average price is $73.11. The company has a market cap of $22.41 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.32 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. State Street Co. has a one year low of $62.78 and a one year high of $79.90.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The firm had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $3.06 billion. On average, research analysts predict that State Street Co. will post 7.96 EPS for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were given a $0.69 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.71%. State Street’s payout ratio is 51.69%.

Insiders Place Their Bets

In other news, EVP Anthony Bisegna sold 4,258 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction 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 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 link. Also, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the completion of the transaction, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at $1,717,873.92. 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. 0.31% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on STT. Evercore ISI lifted their price target on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Royal Bank of Canada lifted their price target on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research report on Monday, January 22nd. UBS Group lifted their price target on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. lifted their price target on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Finally, Keefe, Bruyette & Woods cut their price objective on State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $84.04.

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.