DAVENPORT & Co LLC Has $735,000 Stock Position in State Street Co. (NYSE:STT)

DAVENPORT & Co LLC cut its holdings in State Street Co. (NYSE:STT) by 10.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,491 shares of the asset manager’s stock after selling 880 shares during the quarter. DAVENPORT & Co LLC’s holdings in State Street were worth $735,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STT. Peapack Gladstone Financial Corp boosted its stake in shares of State Street by 2.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after purchasing an additional 103 shares in the last quarter. Empirical Finance LLC boosted its position in State Street by 1.4% in the third quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after buying an additional 158 shares in the last quarter. ST Germain D J Co. Inc. grew its stake in shares of State Street by 6.7% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock worth $282,000 after buying an additional 180 shares during the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of State Street by 3.3% during the third quarter. Citizens Financial Group Inc. RI now owns 5,790 shares of the asset manager’s stock worth $512,000 after buying an additional 184 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in shares of State Street by 8.3% during the third quarter. Allworth Financial LP now owns 2,425 shares of the asset manager’s stock worth $215,000 after buying an additional 185 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This represents a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.31% of the company’s stock.

State Street Stock Performance

STT stock opened at $99.51 on Friday. The firm has a market cap of $29.17 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.14 and a beta of 1.43. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a 50-day moving average price of $98.50 and a 200-day moving average price of $91.54. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.04 earnings per share. As a group, equities research analysts expect that State Street Co. will post 9.6 earnings per share for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s dividend payout ratio is presently 36.89%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on STT shares. Evercore ISI boosted their price objective on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company boosted their price target on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a report on Saturday, January 25th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 target price (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and raised their price target for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $100.73.

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.