Summit Securities Group LLC Takes $69,000 Position in State Street Co. (NYSE:STT)

Summit Securities Group LLC acquired a new position in State Street Co. (NYSE:STT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 700 shares of the asset manager’s stock, valued at approximately $69,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Schroder Investment Management Group lifted its stake in State Street by 3.9% during the 4th quarter. Schroder Investment Management Group now owns 174,225 shares of the asset manager’s stock valued at $17,123,000 after acquiring an additional 6,473 shares during the period. Allianz SE purchased a new position in shares of State Street during the fourth quarter valued at approximately $1,776,000. Allstate Corp purchased a new stake in State Street in the fourth quarter worth approximately $832,000. DnB Asset Management AS boosted its holdings in State Street by 10.2% in the fourth quarter. DnB Asset Management AS now owns 279,307 shares of the asset manager’s stock worth $27,414,000 after purchasing an additional 25,753 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in State Street by 13.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 189,098 shares of the asset manager’s stock valued at $18,560,000 after buying an additional 22,123 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Stock Down 3.1 %

NYSE STT opened at $88.95 on Monday. The stock has a 50 day moving average price of $95.35 and a 200-day moving average price of $94.56. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company has a market capitalization of $25.66 billion, a P/E ratio of 10.80, a P/E/G ratio of 1.11 and a beta of 1.44. 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 released its quarterly earnings data 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 business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same quarter last year, the business earned $2.04 earnings per share. State Street’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, equities analysts predict that State Street Co. will post 9.68 EPS for the current fiscal 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 $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.42%. State Street’s dividend payout ratio is currently 36.89%.

Insiders Place Their Bets

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 transaction of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now directly 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 currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on STT. Barclays raised their price target on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Citigroup dropped their target price on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $103.00 target price (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research report on Friday, December 20th. One equities 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. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average target price of $101.53.

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.