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

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in State Street Co. (NYSE:STT) by 7.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 900,569 shares of the asset manager’s stock after selling 76,391 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in State Street were worth $69,758,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. IFP Advisors Inc grew its stake in shares of State Street by 24.9% in the 2nd quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock valued at $54,000 after purchasing an additional 146 shares during the last quarter. First Manhattan Co. boosted its stake in shares of State Street by 7.5% in the fourth quarter. First Manhattan Co. now owns 2,119 shares of the asset manager’s stock valued at $164,000 after buying an additional 148 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in shares of State Street by 1.8% in the fourth quarter. Apollon Wealth Management LLC now owns 8,337 shares of the asset manager’s stock valued at $647,000 after buying an additional 149 shares in the last quarter. HBK Sorce Advisory LLC boosted its stake in shares of State Street by 0.8% in the third quarter. HBK Sorce Advisory LLC now owns 20,131 shares of the asset manager’s stock valued at $1,348,000 after buying an additional 151 shares in the last quarter. Finally, United Capital Financial Advisers LLC boosted its stake in shares of State Street by 3.7% in the first quarter. United Capital Financial Advisers LLC now owns 4,717 shares of the asset manager’s stock valued at $411,000 after buying an additional 170 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Performance

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

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 the consensus estimate of $1.83 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the prior year, the business posted $2.07 earnings per share. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, research analysts predict that State Street Co. will post 7.91 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.79%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Insiders Place Their Bets

In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was 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 in the company, valued at $11,015,755.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Anthony Bisegna sold 2,606 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the sale, the executive vice president now owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock worth $1,390,597 over the last three months. 0.31% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on STT. Barclays lifted their price target on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada lifted their price target on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research note on Monday, January 22nd. Argus lifted their price objective on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday. Evercore ISI lifted their price objective on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods reduced their price objective on State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus target price of $84.04.

About State Street

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.