Longfellow Investment Management Co. LLC Trims Stock Position in State Street Corporation $STT

Longfellow Investment Management Co. LLC lessened its stake in State Street Corporation (NYSE:STT) by 67.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,000 shares of the asset manager’s stock after selling 8,452 shares during the quarter. Longfellow Investment Management Co. LLC’s holdings in State Street were worth $464,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STT. Invesco Ltd. lifted its holdings in State Street by 4.7% in the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after acquiring an additional 381,547 shares during the period. Dodge & Cox increased its holdings in shares of State Street by 1.1% during the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after purchasing an additional 80,855 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after purchasing an additional 27,098 shares during the period. Regents of The University of California purchased a new stake in State Street during the third quarter worth $324,576,000. Finally, Nordea Investment Management AB grew its position in State Street by 7.8% during the third quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock valued at $283,343,000 after buying an additional 178,136 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Trading Down 1.1%

STT stock opened at $125.19 on Friday. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05. The business’s 50-day moving average is $129.84 and its 200 day moving average is $121.59. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The stock has a market cap of $34.89 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The business’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.60 earnings per share. On average, sell-side analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be issued a $0.84 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. State Street’s dividend payout ratio (DPR) is presently 35.71%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley decreased their price objective on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. Citigroup started coverage on State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price target on the stock. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

About State Street

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.