Legal & General Group Plc cut its holdings in State Street Corporation (NYSE:STT – Free Report) by 1.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,931,725 shares of the asset manager’s stock after selling 21,298 shares during the quarter. Legal & General Group Plc’s holdings in State Street were worth $249,212,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. JPL Wealth Management LLC purchased a new stake in shares of State Street in the third quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of State Street in the third quarter valued at approximately $35,000. Ameriflex Group Inc. boosted its stake in shares of State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after buying an additional 161 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its holdings in State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares during the last quarter. Finally, Board of the Pension Protection Fund acquired a new position in State Street during the fourth quarter worth $39,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities analysts recently issued reports on STT shares. Keefe, Bruyette & Woods lifted their price objective on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. JPMorgan Chase & Co. lifted their price objective on State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a report on Monday, May 11th. Citigroup lifted their price objective on State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Wells Fargo & Company lifted their price objective on State Street from $162.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $158.57.
Insider Buying and Selling
In related news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction dated 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 sale, the chief operating officer owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 28,711 shares of company stock worth $3,933,032. 0.27% of the stock is owned by corporate insiders.
State Street Trading Up 2.9%
State Street stock opened at $158.49 on Wednesday. The stock has a market cap of $43.86 billion, a PE ratio of 16.07, a P/E/G ratio of 0.84 and a beta of 1.45. The stock has a 50-day moving average price of $141.12 and a 200 day moving average price of $131.49. State Street Corporation has a 52 week low of $94.72 and a 52 week high of $158.86. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.
State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.04 EPS. Equities research analysts predict that State Street Corporation will post 12.35 earnings per share for the current fiscal year.
State Street Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is currently 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.
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