Welch & Forbes LLC Sells 8,854 Shares of State Street Co. (NYSE:STT)

Welch & Forbes LLC cut its holdings in shares of State Street Co. (NYSE:STT) by 11.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,253 shares of the asset manager’s stock after selling 8,854 shares during the period. Welch & Forbes LLC’s holdings in State Street were worth $5,209,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of STT. CVA Family Office LLC purchased a new stake in State Street during the fourth quarter valued at approximately $27,000. Venturi Wealth Management LLC lifted its position in State Street by 92.5% during the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of State Street in the fourth quarter worth $35,000. Bruce G. Allen Investments LLC purchased a new position in shares of State Street in the fourth quarter worth $51,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of State Street in the third quarter worth $72,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.3 %

Shares of State Street stock traded up $0.24 on Tuesday, reaching $75.35. The company had a trading volume of 1,827,148 shares, compared to its average volume of 2,372,872. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a market cap of $22.70 billion, a PE ratio of 14.11, a PEG ratio of 1.32 and a beta of 1.52. The firm’s 50 day moving average price is $74.34 and its two-hundred day moving average price is $73.24. State Street Co. has a 52-week low of $62.78 and a 52-week high of $79.90.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The firm had revenue of $3.14 billion during the quarter, compared to analysts’ expectations of $3.06 billion. Sell-side analysts predict that State Street Co. will post 7.96 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.66%. The ex-dividend date was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Wall Street Analyst Weigh In

STT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Morgan Stanley raised their price target on shares of State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. 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. Argus raised their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, Evercore ISI lifted their target price on shares of State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $84.04.

Insiders Place Their Bets

In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now owns 23,328 shares in the company, valued at approximately $1,717,873.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the sale, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock worth $1,390,597 in the last 90 days. Corporate insiders own 0.31% of the company’s stock.

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.