Prudential Financial Inc. Has $61.46 Million Stock Holdings in State Street Co. (NYSE:STT)

Prudential Financial Inc. increased its holdings in shares of State Street Co. (NYSE:STT) by 106.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 626,212 shares of the asset manager’s stock after acquiring an additional 323,314 shares during the period. Prudential Financial Inc. owned about 0.21% of State Street worth $61,463,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in STT. Albion Financial Group UT acquired a new stake in State Street during the fourth quarter valued at approximately $25,000. Y.D. More Investments Ltd boosted 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 valued at $36,000 after buying an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in State Street in the fourth quarter valued at $42,000. Friedenthal Financial bought a new stake in State Street in the fourth quarter valued at $49,000. Finally, Hager Investment Management Services LLC acquired a new position in State Street during the fourth quarter worth $56,000. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 2.6 %

STT opened at $92.87 on Tuesday. The firm has a 50 day simple moving average of $95.90 and a 200 day simple moving average of $94.33. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company has a market cap of $26.79 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

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

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.27%. State Street’s payout ratio is currently 36.89%.

Insider Activity

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, 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 position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

STT has been the topic of several analyst reports. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Morgan Stanley dropped their price objective on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Wells Fargo & Company lifted their target price on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, January 2nd. Citigroup decreased their price target on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, 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 research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.