Sumitomo Mitsui Trust Holdings Inc. Cuts Holdings in State Street Co. (NYSE:STT)

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in State Street Co. (NYSE:STT) by 7.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 900,569 shares of the asset manager’s stock after selling 76,391 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.29% of State Street worth $69,758,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. CVA Family Office LLC bought a new stake in shares of State Street in the 4th quarter worth approximately $27,000. Venturi Wealth Management LLC lifted its holdings in shares of State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of State Street in the 4th quarter worth approximately $35,000. Covestor Ltd lifted its holdings in shares of State Street by 69.2% in the 1st quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock worth $50,000 after acquiring an additional 234 shares during the last quarter. Finally, State of Wyoming lifted its holdings in shares of State Street by 51.3% in the 2nd 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. 87.44% of the stock is currently owned by institutional investors.

Insider Activity at State Street

In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the sale, the executive vice president now owns 17,737 shares in the company, valued at approximately $1,294,801. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Anthony Bisegna sold 2,606 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the sale, the executive vice president now directly owns 17,737 shares of the company’s stock, valued at $1,294,801. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,864 shares of company stock valued at $1,390,597. 0.31% of the stock is owned by insiders.

State Street Stock Down 0.3 %

NYSE:STT opened at $72.81 on Thursday. The firm’s 50-day moving average price is $73.97 and its 200-day moving average price is $72.37. The company has a market capitalization of $21.98 billion, a PE ratio of 13.63, a P/E/G ratio of 1.30 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. State Street Co. has a 1-year low of $62.78 and a 1-year high of $79.90.

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

State Street Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group upgraded shares of State Street from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $69.00 to $92.00 in a report on Wednesday, January 3rd. Bank of America reiterated an “underperform” rating and set a $81.00 price target on shares of State Street in a report on Thursday, January 4th. Royal Bank of Canada upped their price target on shares of State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a report on Monday, January 22nd. JPMorgan Chase & Co. upped their price target on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Finally, Argus upped their price target on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a report on Monday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $84.04.

State Street Profile

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.