Allianz SE Purchases New Position in State Street Co. (NYSE:STT)

Allianz SE acquired a new stake in State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 18,073 shares of the asset manager’s stock, valued at approximately $1,776,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC bought a new position in shares of State Street in the 4th quarter valued at $272,000. Charles Schwab Investment Management Inc. raised its position in State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after purchasing an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after purchasing an additional 7,446 shares in the last quarter. Merit Financial Group LLC bought a new stake in shares of State Street during the fourth quarter worth about $395,000. Finally, Raymond James Financial Inc. acquired a new position in shares of State Street in the fourth quarter valued at approximately $44,070,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insiders Place Their Bets

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 target price (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wells Fargo & Company decreased their price objective on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a report on Friday. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research report on Friday, December 20th. Finally, Citigroup cut their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, State Street has a consensus rating of “Hold” and an average target price of $101.53.

State Street Price Performance

Shares of NYSE STT opened at $88.95 on Friday. The firm has a market capitalization of $25.66 billion, a P/E ratio of 10.80, a P/E/G ratio of 1.11 and a beta of 1.44. The firm’s 50-day moving average price is $95.35 and its 200-day moving average price is $94.48. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.04 earnings per share. Equities research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.42%. State Street’s dividend payout ratio (DPR) is presently 36.89%.

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.