Todd Asset Management LLC Reduces Stake in State Street Corp (STT)
Todd Asset Management LLC cut its stake in State Street Corp (NYSE:STT) by 34.5% during the first quarter, Holdings Channel reports. The firm owned 225,094 shares of the asset manager’s stock after selling 118,484 shares during the period. Todd Asset Management LLC’s holdings in State Street Corp were worth $17,920,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue acquired a new position in shares of State Street Corp during the first quarter valued at $123,000. MUFG Americas Holdings Corp boosted its position in shares of State Street Corp by 40.7% in the fourth quarter. MUFG Americas Holdings Corp now owns 1,626 shares of the asset manager’s stock valued at $126,000 after buying an additional 470 shares during the period. FTB Advisors Inc. boosted its position in shares of State Street Corp by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock valued at $127,000 after buying an additional 207 shares during the period. Pinnacle Bank acquired a new position in shares of State Street Corp during the first quarter valued at $129,000. Finally, Advisory Services Network LLC acquired a new position in shares of State Street Corp during the first quarter valued at $177,000. Hedge funds and other institutional investors own 85.06% of the company’s stock.
State Street Corp (NYSE STT) traded up 1.31% during midday trading on Wednesday, hitting $84.39. 2,031,515 shares of the stock traded hands. The firm has a market cap of $31.75 billion, a PE ratio of 15.79 and a beta of 1.40. The company’s 50 day moving average price is $81.94 and its 200 day moving average price is $79.85. State Street Corp has a 12 month low of $50.60 and a 12 month high of $85.38.
State Street Corp (NYSE:STT) last announced its earnings results on Wednesday, April 26th. The asset manager reported $1.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.11. The business had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.75 billion. State Street Corp had a return on equity of 12.13% and a net margin of 20.16%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.98 EPS. Equities research analysts predict that State Street Corp will post $5.93 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 18th. Stockholders of record on Monday, July 3rd will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Thursday, June 29th. State Street Corp’s payout ratio is 30.52%.
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Several equities analysts have recently weighed in on STT shares. Goldman Sachs Group Inc increased their price objective on shares of State Street Corp from $88.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Jefferies Group LLC cut shares of State Street Corp from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $89.00 to $87.00 in a research note on Tuesday, April 11th. Deutsche Bank AG lowered their price objective on shares of State Street Corp from $85.00 to $84.00 and set a “hold” rating on the stock in a research note on Thursday, April 6th. Keefe, Bruyette & Woods set a $88.00 price objective on shares of State Street Corp and gave the stock a “hold” rating in a research note on Wednesday, April 26th. Finally, Bank of America Corp reiterated a “neutral” rating and issued a $88.00 price objective on shares of State Street Corp in a research note on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $84.86.
In other news, insider Andrew Erickson sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $83.28, for a total transaction of $166,560.00. Following the completion of the transaction, the insider now directly owns 21,523 shares of the company’s stock, valued at approximately $1,792,435.44. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Karen C. Keenan sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $78.56, for a total value of $78,560.00. Following the transaction, the executive vice president now directly owns 60,934 shares of the company’s stock, valued at $4,786,975.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,747 shares of company stock valued at $469,852. Corporate insiders own 0.64% of the company’s stock.
State Street Corp Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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