Zurcher Kantonalbank Zurich Cantonalbank Lowers Position in State Street Co. (NYSE:STT)

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in State Street Co. (NYSE:STT) by 8.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 278,403 shares of the asset manager’s stock after selling 25,861 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in State Street were worth $21,565,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. CVA Family Office LLC bought a new stake in State Street in the fourth quarter worth $27,000. Venturi Wealth Management LLC increased its position in State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after purchasing an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in State Street in the fourth quarter worth $35,000. State of Wyoming increased its position in State Street by 51.3% in the second quarter. State of Wyoming now owns 619 shares of the asset manager’s stock worth $45,000 after purchasing an additional 210 shares during the last quarter. Finally, Covestor Ltd increased its position in State Street by 69.2% in the first quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock worth $50,000 after purchasing an additional 234 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Down 0.3 %

NYSE:STT opened at $72.81 on Thursday. State Street Co. has a 1-year low of $62.78 and a 1-year high of $79.90. The company has a 50-day moving average of $73.97 and a 200 day moving average of $72.37. The firm has a market cap of $21.98 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.30 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the prior year, the company earned $2.07 EPS. State Street’s quarterly revenue was down 3.5% on a year-over-year basis. As a group, research analysts anticipate that State Street Co. will post 7.91 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.79%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price target on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. UBS Group boosted their price objective on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Bank of America reiterated an “underperform” rating and set a $81.00 price objective on shares of State Street in a research report on Thursday, January 4th. Morgan Stanley boosted their price objective on shares of State Street from $89.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Argus boosted their price objective on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Hold” and a consensus target price of $84.04.

Insider Buying and Selling

In other news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the sale, the executive vice president now owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Anthony Bisegna sold 2,606 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the transaction, the executive vice president now owns 17,737 shares in the company, valued at approximately $1,294,801. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares in the company, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,864 shares of company stock worth $1,390,597. 0.31% of the stock is 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.