M&T Bank Corp Reduces Position in State Street Corporation $STT

Key Points

• M&T Bank Corp cut its stake in State Street by 76.9% in Q4, selling 58,006 shares and leaving 17,468 shares valued at about $2.25 million.
• State Street beat expectations for the most recent quarter (EPS $2.84 vs. $2.64 est.; revenue $3.80B vs. $3.59B, +15.6% YoY) and pays a $0.84 quarterly dividend (≈2.2% yield).
• Insiders have been net sellers (about 28,711 shares sold in the last 90 days), while analysts have raised price targets and the consensus rating is a "Moderate Buy" with an average target near $154.00.

M&T Bank Corp lessened its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 76.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,468 shares of the asset manager's stock after selling 58,006 shares during the period. M&T Bank Corp's holdings in State Street were worth $2,254,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Wedmont Private Capital grew its stake in State Street by 1.3% during the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager's stock valued at $861,000 after acquiring an additional 85 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in 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 valued at $39,000 after acquiring an additional 94 shares in the last quarter. LVW Advisors LLC grew its stake in State Street by 1.7% during the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager's stock valued at $723,000 after acquiring an additional 96 shares in the last quarter. Global Retirement Partners LLC grew its stake in State Street by 7.7% during the 3rd quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager's stock valued at $171,000 after acquiring an additional 105 shares in the last quarter. Finally, Security National Bank of SO Dak grew its stake in State Street by 0.5% during the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager's stock valued at $2,289,000 after acquiring an additional 105 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Stock Performance

NYSE:STT opened at $152.52 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. The firm has a market capitalization of $42.25 billion, a price-to-earnings ratio of 15.47, a PEG ratio of 0.85 and a beta of 1.37. The company's 50-day moving average is $131.82 and its two-hundred day moving average is $126.84. State Street Corporation has a 1-year low of $85.68 and a 1-year high of $156.18.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street's revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.04 EPS. Analysts forecast that State Street Corporation will post 12.26 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.2%. The ex-dividend date was Wednesday, April 1st. State Street's payout ratio is presently 34.08%.

Insider Buying and Selling at State Street

In other news, COO Mostapha Tahiri sold 9,611 shares of the company's stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,711 shares of company stock worth $3,933,032 in the last ninety days. 0.27% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Evercore set a $158.00 price objective on shares of State Street and gave the company an "outperform" rating in a research note on Monday, April 20th. The Goldman Sachs Group upped their price objective on shares of State Street from $152.00 to $168.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Morgan Stanley upped their price objective on shares of State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a research note on Monday, April 20th. Royal Bank Of Canada upped their price objective on shares of State Street from $135.00 to $155.00 and gave the company a "sector perform" rating in a research note on Monday, April 20th. Finally, Wall Street Zen upgraded shares of State Street from a "sell" rating to a "hold" rating in a report on Saturday, January 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, State Street presently has an average rating of "Moderate Buy" and an average price target of $154.00.

About State Street

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.

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