Ninety One UK Ltd Lowers Stock Position in State Street Co. (NYSE:STT)

Ninety One UK Ltd decreased its position in shares of State Street Co. (NYSE:STT) by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,825,969 shares of the asset manager’s stock after selling 171,456 shares during the period. Ninety One UK Ltd’s holdings in State Street were worth $141,440,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. CVA Family Office LLC purchased a new position in shares of State Street in the fourth quarter valued at about $27,000. Venturi Wealth Management LLC grew its holdings in State Street by 92.5% during the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after buying an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of State Street in the fourth quarter worth $35,000. State of Wyoming boosted its position in shares of State Street by 51.3% during the second quarter. State of Wyoming now owns 619 shares of the asset manager’s stock worth $45,000 after acquiring an additional 210 shares during the last quarter. Finally, Covestor Ltd grew its stake in State Street by 69.2% during the first quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock valued at $50,000 after acquiring an additional 234 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on STT. Keefe, Bruyette & Woods decreased their target price on State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. Morgan Stanley boosted their price objective on shares of State Street from $89.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday. Evercore ISI upped their price target on shares of State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. UBS Group boosted their target price on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Finally, Bank of America reissued an “underperform” rating and set a $81.00 price target on shares of State Street in a research note on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $84.04.

Insider Buying and Selling

In other State Street news, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the sale, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at approximately $11,015,755.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock valued at $1,390,597 over the last quarter. 0.31% of the stock is currently owned by company insiders.

State Street Stock Up 0.0 %

STT traded up $0.01 during trading on Thursday, hitting $72.82. The stock had a trading volume of 672,523 shares, compared to its average volume of 2,268,590. The stock has a 50 day simple moving average of $73.97 and a two-hundred day simple moving average of $72.37. The company has a market capitalization of $21.99 billion, a PE ratio of 13.63, a PEG ratio of 1.30 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61. State Street Co. has a twelve month low of $62.78 and a twelve month high of $79.90.

State Street (NYSE:STT) last released its earnings results on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The company had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same period last year, the business earned $2.07 EPS. State Street’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, research analysts predict that State Street Co. will post 7.91 earnings per share for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s payout ratio is 51.69%.

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.