Cullen Frost Bankers Inc. Lowers Stock Holdings in State Street Co. (NYSE:STT)

Cullen Frost Bankers Inc. trimmed its position in shares of State Street Co. (NYSE:STT) by 10.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,066 shares of the asset manager’s stock after selling 2,816 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in State Street were worth $1,787,000 at the end of the most recent quarter.

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

State Street Stock Performance

State Street stock opened at $76.26 on Friday. The company has a market cap of $22.97 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 1.32 and a beta of 1.52. 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 Co. has a 12 month low of $62.78 and a 12 month high of $79.90. The stock’s 50-day moving average is $74.38 and its 200-day moving average is $73.26.

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

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a dividend yield of 3.62%. State Street’s payout ratio is 51.69%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. JPMorgan Chase & Co. increased their price objective on State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Keefe, Bruyette & Woods decreased their price objective on State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. UBS Group increased their target price on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Argus increased their target price on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, Royal Bank of Canada increased 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $84.04.

Insider Transactions at State Street

In other news, EVP Anthony Bisegna sold 2,606 shares of State Street stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the transaction, the executive vice president now owns 17,737 shares in the company, valued at approximately $1,294,801. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s 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 owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares in the company, valued at approximately $1,294,801. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,864 shares of company stock worth $1,390,597. 0.31% of the stock is currently 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.