AGF Management Ltd. Acquires 2,193 Shares of State Street Co. (NYSE:STT)

AGF Management Ltd. boosted its holdings in State Street Co. (NYSE:STT) by 27.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,065 shares of the asset manager’s stock after acquiring an additional 2,193 shares during the quarter. AGF Management Ltd.’s holdings in State Street were worth $988,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Albion Financial Group UT bought a new position in shares of State Street in the fourth quarter worth approximately $25,000. Y.D. More Investments Ltd grew its stake in State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after buying an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of State Street in the 4th quarter worth $42,000. Coastline Trust Co purchased a new stake in shares of State Street during the 3rd quarter valued at $44,000. Finally, Friedenthal Financial bought a new stake in shares of State Street during the 4th quarter worth $49,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 2.9 %

NYSE STT opened at $86.90 on Friday. The stock has a market cap of $25.07 billion, a P/E ratio of 10.55, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The stock has a 50 day simple moving average of $96.69 and a two-hundred day simple moving average of $94.04. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last announced its quarterly 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 company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.04 earnings per share. On average, analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio is currently 36.89%.

Wall Street Analyst Weigh In

A number of research firms recently commented on STT. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Morgan Stanley decreased their price objective on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 price target (down from $104.00) on shares of State Street in a research 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, Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $101.20.

Insider Buying and Selling

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by 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.