Harbor Investment Advisory LLC Cuts Holdings in State Street Co. (NYSE:STT)

Harbor Investment Advisory LLC cut its holdings in State Street Co. (NYSE:STT) by 2.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,683 shares of the asset manager’s stock after selling 168 shares during the quarter. Harbor Investment Advisory LLC’s holdings in State Street were worth $558,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Coastline Trust Co purchased a new stake in shares of State Street during the 3rd quarter worth $44,000. Friedenthal Financial acquired a new position in State Street during the fourth quarter worth about $49,000. Capital Performance Advisors LLP acquired a new stake in shares of State Street in the 3rd quarter worth approximately $54,000. Versant Capital Management Inc boosted its position in State Street by 37.0% during the fourth quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after purchasing an additional 197 shares in the last quarter. Finally, Tobam acquired a new stake in State Street in the 3rd quarter valued at about $77,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Buying and Selling

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is currently owned by insiders.

State Street Trading Up 1.3 %

NYSE:STT opened at $98.93 on Wednesday. The business’s 50-day moving average is $97.74 and its two-hundred day moving average is $89.90. The firm has a market capitalization of $29.00 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.07 and a beta of 1.43. State Street Co. has a 12 month low of $70.20 and a 12 month high of $101.91. 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 announced 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 return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3,267,560 billion. During the same period last year, the business posted $2.04 EPS. The company’s revenue was up 12.1% on a year-over-year basis. Research analysts predict that State Street Co. will post 9.55 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s payout ratio is 36.89%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Evercore ISI upped their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company lifted their price target on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. The Goldman Sachs Group increased their price objective on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $100.20.

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.