Horizon Investments LLC Has $8.80 Million Stock Holdings in State Street Corporation $STT

Horizon Investments LLC trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 8.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,634 shares of the asset manager’s stock after selling 6,313 shares during the period. Horizon Investments LLC’s holdings in State Street were worth $8,797,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Essex Bank boosted its stake in shares of State Street by 5.0% during the 4th quarter. Essex Bank now owns 3,885 shares of the asset manager’s stock worth $501,000 after buying an additional 185 shares during the last quarter. Davis Selected Advisers boosted its stake in shares of State Street by 38.5% during the 4th quarter. Davis Selected Advisers now owns 143,773 shares of the asset manager’s stock worth $18,548,000 after buying an additional 39,988 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of State Street by 2.3% during the 4th quarter. Fifth Third Bancorp now owns 70,604 shares of the asset manager’s stock worth $9,109,000 after buying an additional 1,607 shares during the last quarter. Danske Bank A S boosted its stake in shares of State Street by 10.1% during the 4th quarter. Danske Bank A S now owns 328,296 shares of the asset manager’s stock worth $42,353,000 after buying an additional 30,202 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of State Street by 28.3% during the 4th quarter. Oppenheimer & Co. Inc. now owns 2,267 shares of the asset manager’s stock worth $292,000 after buying an additional 500 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Seaport Research Partners restated a “buy” rating and set a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Monday, April 20th. Royal Bank Of Canada increased their price objective on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Finally, Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $154.00.

State Street Stock Down 0.5%

Shares of STT stock opened at $152.12 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.57. The firm’s 50-day moving average is $132.73 and its 200-day moving average is $127.27. The stock has a market cap of $42.10 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 0.83 and a beta of 1.45. State Street Corporation has a 52-week low of $89.19 and a 52-week high of $156.18.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.04 EPS. Sell-side analysts predict that State Street Corporation will post 12.31 EPS for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street’s dividend payout ratio is presently 34.08%.

Insider Activity

In other news, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John Plansky sold 16,100 shares of the firm’s 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 sale, the executive vice president owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 28,711 shares of company stock valued at $3,933,032 over the last ninety days. 0.27% of the stock is currently owned by company insiders.

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.