Wesbanco Bank Inc. Acquires New Shares in State Street Co. (NYSE:STT)

Wesbanco Bank Inc. purchased a new stake in State Street Co. (NYSE:STT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 15,507 shares of the asset manager's stock, valued at approximately $1,199,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in STT. CVA Family Office LLC bought a new position in shares of State Street in the fourth quarter valued at $27,000. Venturi Wealth Management LLC raised its stake in State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager's stock worth $30,000 after purchasing an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of State Street during the 4th quarter worth approximately $35,000. Norwood Financial Corp bought a new stake in shares of State Street during the 1st quarter worth approximately $35,000. Finally, Accent Capital Management LLC bought a new stake in shares of State Street during the 4th quarter worth approximately $39,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

STT stock traded up $1.19 during midday trading on Friday, hitting $74.39. The company's stock had a trading volume of 1,623,097 shares, compared to its average volume of 2,916,756. State Street Co. has a 12 month low of $62.78 and a 12 month high of $79.90. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $22.46 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 1.30 and a beta of 1.52. The company has a 50 day moving average of $74.26 and a two-hundred day moving average of $73.04.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were paid a $0.69 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a yield of 3.71%. State Street's payout ratio is 51.69%.

Insider Activity

In other news, EVP Anthony Bisegna sold 2,606 shares of the firm's stock in a transaction on Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the transaction, the executive vice president now owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other State Street news, EVP Anthony Bisegna sold 2,606 shares of State Street stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the transaction, the executive vice president now owns 17,737 shares in the company, valued at $1,294,801. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm's stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares of the company's stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,864 shares of company stock worth $1,390,597. Company insiders own 0.31% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on STT shares. JPMorgan Chase & Co. upped their price objective on shares of State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Royal Bank of Canada raised their price objective on shares of State Street from $75.00 to $85.00 and gave the company a "sector perform" rating in a research note on Monday, January 22nd. Argus increased their target price on shares of State Street from $84.00 to $86.00 and gave the company a "buy" rating in a report on Monday, April 15th. Morgan Stanley increased their target price on shares of State Street from $89.00 to $90.00 and gave the company an "equal weight" rating in a report on Monday, April 15th. Finally, Evercore ISI raised their price objective on shares of State Street from $85.00 to $88.00 and gave the stock an "outperform" rating in a report on Thursday, April 4th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $84.04.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.