State Street Corporation $STT Shares Sold by Rathbones Group PLC

Rathbones Group PLC cut its stake in shares of State Street Corporation (NYSE:STT) by 48.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 25,606 shares of the asset manager’s stock after selling 24,164 shares during the period. Rathbones Group PLC’s holdings in State Street were worth $3,241,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. IFM Investors Pty Ltd grew its stake in State Street by 9.7% during the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after buying an additional 7,469 shares during the period. Clean Yield Group grew its stake in shares of State Street by 8,247.4% during the fourth quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock valued at $2,477,000 after acquiring an additional 18,969 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in State Street during the 4th quarter valued at approximately $1,959,000. New York State Teachers Retirement System increased its holdings in State Street by 9.7% during the 1st quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after purchasing an additional 26,862 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of State Street in the 4th quarter valued at approximately $935,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 49,576 shares of company stock worth $8,415,875 over the last ninety days. Company insiders own 0.27% of the company’s stock.

State Street Stock Up 0.9%

Shares of NYSE:STT opened at $185.35 on Wednesday. The company’s fifty day moving average is $173.09 and its two-hundred day moving average is $148.53. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51. The stock has a market capitalization of $50.92 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 0.76 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business posted $2.04 EPS. The company’s quarterly revenue was up 23.3% on a year-over-year basis. Equities analysts anticipate that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is 29.63%.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent analyst reports. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Wells Fargo & Company raised their price objective on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Argus upped their target price on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 price target on shares of State Street in a research report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and an average price target of $185.38.

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.