Lorne Steinberg Wealth Management Inc. Raises Holdings in State Street Co. (NYSE:STT)

Lorne Steinberg Wealth Management Inc. increased its position in State Street Co. (NYSE:STT) by 1.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 39,145 shares of the asset manager’s stock after acquiring an additional 370 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in State Street were worth $3,032,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STT. Banque Cantonale Vaudoise boosted its holdings in State Street by 54.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 10,839 shares of the asset manager’s stock worth $726,000 after buying an additional 3,841 shares during the period. AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of State Street during the 4th quarter valued at $45,687,000. Crestwood Advisors Group LLC lifted its holdings in State Street by 11.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock worth $5,562,000 after purchasing an additional 8,202 shares in the last quarter. Ferguson Wellman Capital Management Inc. grew its stake in State Street by 3.7% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock valued at $37,522,000 after acquiring an additional 17,270 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in shares of State Street by 4.9% during the 4th quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock valued at $20,941,000 after purchasing an additional 12,594 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Price Performance

NYSE:STT traded down $0.32 during trading hours on Wednesday, reaching $74.07. 3,029,332 shares of the company were exchanged, compared to its average volume of 2,290,665. The stock’s 50-day moving average is $74.08 and its 200-day moving average is $72.67. State Street Co. has a twelve month low of $62.78 and a twelve month high of $79.90. The firm has a market cap of $22.36 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.32 and a beta of 1.52. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.90.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.73%. The ex-dividend date was Thursday, March 28th. State Street’s payout ratio is presently 51.69%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Evercore ISI raised their target price on shares of State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Barclays increased their price objective on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. The Goldman Sachs Group raised State Street from a “neutral” rating to a “buy” rating and upped their price target for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Bank of America reaffirmed an “underperform” rating and set a $81.00 price objective on shares of State Street in a research report on Thursday, January 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and an average target price of $84.04.

Insider Buying and Selling at State Street

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

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.