Amalgamated Bank Cuts Stake in State Street Co. (NYSE:STT)

Amalgamated Bank reduced its holdings in shares of State Street Co. (NYSE:STT) by 4.5% during the fourth quarter, Holdings Channel reports. The fund owned 56,194 shares of the asset manager’s stock after selling 2,629 shares during the period. Amalgamated Bank’s holdings in State Street were worth $5,515,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in STT. Adero Partners LLC increased its stake in State Street by 3.6% in the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after purchasing an additional 100 shares during the period. Peapack Gladstone Financial Corp grew its holdings in shares of State Street by 2.0% in the third 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 during the last quarter. Apollon Wealth Management LLC increased its stake in shares of State Street by 1.4% in the fourth quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock worth $986,000 after buying an additional 138 shares during the period. Empirical Finance LLC raised its holdings in State Street by 1.4% during the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after buying an additional 158 shares during the last quarter. Finally, ST Germain D J Co. Inc. boosted its position in State Street by 6.7% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock valued at $282,000 after buying an additional 180 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at $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 available at this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were 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 of the company’s stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

State Street Stock Up 0.2 %

Shares of State Street stock opened at $97.57 on Friday. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The company has a 50-day moving average of $98.57 and a 200 day moving average of $93.35. The firm has a market cap of $28.15 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.11 and a beta of 1.43.

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

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.12%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is 36.89%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on STT shares. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research report on Friday, December 20th. Wells Fargo & Company boosted their price target on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Finally, StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $100.73.

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.