State Street Corporation $STT Position Reduced by Prudential PLC

Prudential PLC cut its position in shares of State Street Corporation (NYSE:STT) by 9.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 97,743 shares of the asset manager’s stock after selling 9,740 shares during the period. Prudential PLC’s holdings in State Street were worth $12,610,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of STT. Chicago Partners Investment Group LLC lifted its position in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after purchasing an additional 83 shares in the last quarter. Wedmont Private Capital lifted its position in shares of State Street by 1.3% in the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock worth $861,000 after purchasing an additional 85 shares in the last quarter. Arjuna Capital lifted its position in shares of State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after purchasing an additional 95 shares in the last quarter. LVW Advisors LLC lifted its position in shares of State Street by 1.7% in the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock worth $723,000 after purchasing an additional 96 shares in the last quarter. Finally, Security National Bank of SO Dak lifted its position in shares of State Street by 0.5% in the second quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock worth $2,289,000 after purchasing an additional 105 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on STT. Evercore set a $158.00 price target on shares of State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. increased their price target on shares of State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Morgan Stanley increased their price target on shares of State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $158.57.

State Street News Roundup

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street expanded its investment servicing relationship with Principal Financial Group, which suggests continued demand for its institutional servicing and custody business. State Street Expands Investment Servicing Relationship with Principal Financial Group®
• Positive Sentiment: Analysts continue to rate State Street as a “Moderate Buy,” reinforcing a constructive view on the company’s earnings outlook and valuation. State Street Corporation (NYSE:STT) Receives Average Rating of “Moderate Buy” from Analysts
• Neutral Sentiment: State Street filed multiple notices showing it ceased to be a substantial holder in several Australian companies, including SRG Global, Super Retail Group, Kingsgate Consolidated, Polynovo, Centuria Capital, Emerald Resources, Amplitude Energy, Bega Cheese, and Service Stream. These are portfolio repositioning updates and do not directly change State Street’s core earnings picture.
• Neutral Sentiment: Investor commentary around the rejected independent-chair proposal and relative stock underperformance highlights ongoing governance and sentiment questions, but these items are more of a market narrative than a fundamental catalyst. Did State Street’s Rejected Independent-Chair Proposal Reframe Its Governance Trade-offs for Investors in STT?

Insiders Place Their Bets

In other news, COO Mostapha Tahiri sold 9,611 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The shares were 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 in the company, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the sale, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 52,476 shares of company stock valued at $7,624,925 in the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

State Street Trading Down 0.6%

Shares of STT stock opened at $161.73 on Friday. State Street Corporation has a 12 month low of $95.67 and a 12 month high of $163.95. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average is $146.97 and its two-hundred day moving average is $133.67. The company has a market cap of $44.76 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the company posted $2.04 earnings per share. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. Equities analysts predict that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a $0.84 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.1%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

State Street Company 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.