Invenomic Capital Management LP Sells 79,206 Shares of State Street Co. (NYSE:STT)

Invenomic Capital Management LP cut its holdings in shares of State Street Co. (NYSE:STT) by 28.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 197,385 shares of the asset manager’s stock after selling 79,206 shares during the period. State Street comprises approximately 0.9% of Invenomic Capital Management LP’s holdings, making the stock its 27th largest holding. Invenomic Capital Management LP’s holdings in State Street were worth $19,373,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STT. Albion Financial Group UT bought a new position in shares of State Street in the fourth quarter valued at about $25,000. Y.D. More Investments Ltd raised its stake in shares of State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after acquiring an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in shares of State Street during the fourth quarter worth approximately $42,000. Coppell Advisory Solutions LLC grew its stake in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after purchasing an additional 412 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in shares of State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after purchasing an additional 311 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other State Street news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer now owns 7,354 shares of the company’s stock, valued at approximately $667,154.88. This represents a 15.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,820 shares of company stock worth $1,567,972 over the last ninety days. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

STT has been the topic of a number of recent research reports. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Bank of America lifted their price objective on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 2nd. Morgan Stanley reduced their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods dropped their price target on shares of State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Finally, Citigroup reduced their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $102.15.

State Street Stock Down 0.3 %

Shares of STT stock opened at $93.81 on Friday. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a fifty day moving average of $86.36 and a 200-day moving average of $93.63. The company has a market capitalization of $26.75 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT) last released its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same quarter in the prior year, the company earned $1.69 EPS. As a group, equities research analysts predict that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.76 per share. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.24%. State Street’s dividend payout ratio is currently 34.12%.

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.