Allstate Corp Increases Stock Position in State Street Corporation $STT

Allstate Corp raised its holdings in State Street Corporation (NYSE:STT) by 108.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 20,914 shares of the asset manager’s stock after purchasing an additional 10,887 shares during the quarter. Allstate Corp’s holdings in State Street were worth $2,698,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. JPL Wealth Management LLC purchased a new stake in shares of State Street during the 3rd quarter worth approximately $29,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of State Street during the 3rd quarter worth approximately $35,000. Ameriflex Group Inc. boosted its stake in shares of State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after acquiring an additional 161 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of State Street by 38.2% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after acquiring an additional 94 shares in the last quarter. Finally, Board of the Pension Protection Fund purchased a new stake in shares of State Street during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Barclays set a $165.00 price target on State Street in a research note on Monday, April 20th. Morgan Stanley boosted their price target on State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Royal Bank Of Canada boosted their price target on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Finally, The Goldman Sachs Group boosted their price target on State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and an average price target of $158.57.

Insider Buying and Selling at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 28,711 shares of company stock worth $3,933,032. Insiders own 0.27% of the company’s stock.

State Street Price Performance

STT stock opened at $157.91 on Thursday. State Street Corporation has a 1 year low of $94.72 and a 1 year high of $159.31. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The stock’s 50 day moving average price is $141.88 and its 200 day moving average price is $131.78. The firm has a market cap of $43.70 billion, a P/E ratio of 16.01, a PEG ratio of 0.87 and a beta of 1.45.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the company earned $2.04 EPS. State Street’s revenue was up 15.6% on a year-over-year basis. On average, sell-side analysts expect that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.1%. State Street’s dividend payout ratio is presently 34.08%.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.