M&T Bank Corp Cuts Stake in State Street Co. (NYSE:STT)

M&T Bank Corp cut its holdings in shares of State Street Co. (NYSE:STT) by 2.6% during the third quarter, according to the company in its most recent 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Teachers Retirement System of The State of Kentucky raised its stake in shares of State Street by 1.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 310,909 shares of the asset manager’s stock valued at $27,506,000 after acquiring an additional 4,936 shares in the last quarter. Coldstream Capital Management Inc. raised its position in State Street by 12.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,514 shares of the asset manager’s stock valued at $404,000 after purchasing an additional 486 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of State Street by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock valued at $632,111,000 after buying an additional 41,442 shares during the period. Groupama Asset Managment grew its position in shares of State Street by 22.0% during the third quarter. Groupama Asset Managment now owns 10,674 shares of the asset manager’s stock worth $944,000 after buying an additional 1,927 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of State Street by 6.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 91,247 shares of the asset manager’s stock worth $8,073,000 after buying an additional 5,167 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. The trade was a 20.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is owned by company insiders.

State Street Trading Up 2.9 %

Shares of State Street stock opened at $98.20 on Monday. The company’s fifty day moving average is $95.56 and its two-hundred day moving average is $86.13. State Street Co. has a 1 year low of $70.20 and a 1 year high of $101.91. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market capitalization of $28.79 billion, a P/E ratio of 15.51, a PEG ratio of 1.24 and a beta of 1.44.

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

State Street Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on STT. 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 research note on Friday, November 15th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. raised 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. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $102.00 to $139.00 in a report on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a report on Monday, November 11th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.36.

About State Street

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.