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

M&T Bank Corp lowered its position in State Street Co. (NYSE:STT) by 2.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,301 shares of the asset manager’s stock after selling 2,331 shares during the quarter. M&T Bank Corp’s holdings in State Street were worth $7,812,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new position in State Street during the second quarter worth about $27,000. Coastline Trust Co purchased a new position in shares of State Street during the 3rd quarter worth approximately $44,000. Capital Performance Advisors LLP acquired a new position in shares of State Street during the 3rd quarter worth approximately $54,000. Tobam purchased a new stake in State Street in the 3rd quarter valued at approximately $77,000. Finally, Brooklyn Investment Group acquired a new stake in State Street during the 3rd quarter valued at $79,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of a number of analyst reports. Evercore ISI boosted their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a report on Friday. Wells Fargo & Company lifted their price target on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $98.36.

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction on 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 directly owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the sale, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock worth $2,499,860 over the last quarter. 0.31% of the stock is owned by corporate insiders.

State Street Stock Performance

State Street stock opened at $98.20 on Monday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a 12 month low of $70.20 and a 12 month high of $101.91. The company has a market cap of $28.79 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The stock’s 50-day moving average is $95.56 and its 200-day moving average is $86.13.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same period in the previous year, the company posted $1.93 earnings per share. State Street’s revenue was up 21.1% compared to the same quarter last year. Equities analysts anticipate that State Street Co. will post 8.42 earnings per share for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is presently 48.03%.

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.