Proficio Capital Partners LLC Buys New Stake in State Street Co. (NYSE:STT)

Proficio Capital Partners LLC acquired a new stake in State Street Co. (NYSE:STT) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 2,071 shares of the asset manager’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also made changes to their positions in STT. Adero Partners LLC lifted its holdings in State Street by 3.6% during the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock valued at $285,000 after buying an additional 100 shares in the last quarter. Peapack Gladstone Financial Corp boosted its position 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 worth $467,000 after purchasing an additional 103 shares in the last quarter. Jacobi Capital Management LLC increased its holdings in shares of State Street by 1.0% during the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock valued at $1,201,000 after acquiring an additional 121 shares in the last quarter. Apollon Wealth Management LLC grew its holdings in shares of State Street by 1.4% during the fourth quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after buying an additional 138 shares during the last quarter. Finally, ST Germain D J Co. Inc. lifted its holdings 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 purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of STT opened at $91.82 on Friday. 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 twelve month low of $70.20 and a twelve month high of $103.00. The firm has a market capitalization of $26.49 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 1.11 and a beta of 1.44. The firm’s fifty day simple moving average is $95.53 and its 200-day simple moving average is $94.36.

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

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.31%. State Street’s dividend payout ratio is currently 36.89%.

Insider Buying and Selling

In other news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were 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 owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on STT shares. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a report on Friday, December 20th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft restated 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. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, State Street presently has a consensus rating of “Hold” and a consensus price target of $101.87.

State Street Company 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.