Bridges Investment Management Inc. Reduces Holdings in State Street Co. (NYSE:STT)

Bridges Investment Management Inc. reduced its holdings in shares of State Street Co. (NYSE:STTFree Report) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,325 shares of the asset manager’s stock after selling 175 shares during the period. Bridges Investment Management Inc.’s holdings in State Street were worth $645,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of STT. CVA Family Office LLC purchased a new position in State Street in the fourth quarter worth about $27,000. Venturi Wealth Management LLC raised its holdings in 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. State of Wyoming raised its holdings in State Street by 51.3% in the second quarter. State of Wyoming now owns 619 shares of the asset manager’s stock worth $45,000 after buying an additional 210 shares during the last quarter. Covestor Ltd raised its holdings in State Street by 69.2% in the first quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock worth $50,000 after buying an additional 234 shares during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new position in State Street in the fourth quarter worth about $51,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Up 0.2 %

Shares of STT traded up $0.14 during midday trading on Wednesday, hitting $77.14. The stock had a trading volume of 260,844 shares, compared to its average volume of 2,215,049. State Street Co. has a 1 year low of $62.78 and a 1 year high of $81.37. The firm has a market cap of $23.29 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.35 and a beta of 1.52. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.55 and a quick ratio of 0.55. The stock’s 50 day moving average is $73.61 and its 200 day moving average is $71.83.

State Street (NYSE:STTGet Free Report) last announced its earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.21. State Street had a net margin of 10.59% and a return on equity of 11.86%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the prior year, the firm posted $2.07 earnings per share. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. As a group, analysts forecast that State Street Co. will post 7.83 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Monday, April 1st will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Thursday, March 28th. State Street’s dividend payout ratio is presently 50.27%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on STT. Royal Bank of Canada lifted their price target on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. Keefe, Bruyette & Woods reduced their target price on shares of State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. UBS Group increased their price objective on shares of State Street from $70.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. Barclays increased their price objective on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Wells Fargo & Company restated an “overweight” rating and set a $83.00 target price on shares of State Street in a research report on Wednesday, December 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, State Street presently has an average rating of “Hold” and an average price target of $81.83.

View Our Latest Research Report on STT

Insider Buying and Selling

In related news, EVP Anthony Bisegna sold 4,258 shares of the firm’s 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 transaction, the executive vice president now owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the transaction, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. Insiders have sold 18,864 shares of company stock valued at $1,390,597 in the last 90 days. Company insiders own 0.34% of the company’s stock.

State Street Company Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Co. (NYSE:STTFree Report).

Institutional Ownership by Quarter for State Street (NYSE:STT)

Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.