Cibc World Markets Corp Sells 11,611 Shares of State Street Co. (NYSE:STT)

Cibc World Markets Corp cut its holdings in shares of State Street Co. (NYSE:STT) by 20.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 46,279 shares of the asset manager’s stock after selling 11,611 shares during the period. Cibc World Markets Corp’s holdings in State Street were worth $4,542,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in STT. Albion Financial Group UT bought a new stake in State Street during the 4th quarter worth about $25,000. Y.D. More Investments Ltd lifted its position in State Street by 116.6% during 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 stake in State Street during the 4th quarter worth about $42,000. Friedenthal Financial bought a new stake in State Street during the 4th quarter worth about $49,000. Finally, Hager Investment Management Services LLC bought a new stake in State Street during the 4th quarter worth about $56,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Up 2.5 %

State Street stock opened at $90.33 on Thursday. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The company’s 50-day moving average price is $96.14 and its two-hundred day moving average price is $94.16. The stock has a market cap of $26.06 billion, a P/E ratio of 10.96, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $3.27 billion. During the same period last year, the firm earned $2.04 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.37%. State Street’s dividend payout ratio is presently 36.89%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. Morgan Stanley dropped their target price on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Barclays upped their target price on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and upped their target price for the company from $105.00 to $120.00 in a 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 issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $101.20.

Insider Transactions at State Street

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

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.