Davis Selected Advisers Buys 2,302 Shares of State Street Co. (NYSE:STT)

Davis Selected Advisers boosted its position in shares of State Street Co. (NYSE:STT) by 3.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 63,111 shares of the asset manager’s stock after acquiring an additional 2,302 shares during the period. Davis Selected Advisers’ holdings in State Street were worth $6,194,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC bought a new stake in shares of State Street during the fourth quarter valued at approximately $272,000. KBC Group NV increased its holdings in State Street by 20.5% in the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock valued at $6,607,000 after buying an additional 12,707 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of State Street by 11.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after buying an additional 7,446 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of State Street in the 4th quarter valued at $395,000. Finally, SYM FINANCIAL Corp bought a new position in shares of State Street during the 4th quarter worth about $244,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Down 0.1 %

Shares of NYSE STT opened at $89.72 on Friday. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market cap of $25.88 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.11 and a beta of 1.44. The firm has a 50 day moving average price of $97.91 and a 200 day moving average price of $93.92.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter last year, the firm posted $2.04 earnings per share. State Street’s revenue was up 12.1% compared to the same quarter last year. Analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently announced 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. This represents a $3.04 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is presently 36.89%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on STT. 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 research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price objective (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Barclays raised their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and upped their price target for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Finally, StockNews.com cut State Street from a “buy” rating to a “hold” rating in a report on Friday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average target price of $101.20.

Insider Activity

In related news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction on 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. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction 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 completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

State Street 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.