TIAA Trust National Association Trims Stock Holdings in State Street Co. (NYSE:STT)

TIAA Trust National Association lowered its stake in shares of State Street Co. (NYSE:STT) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,370 shares of the asset manager’s stock after selling 235 shares during the period. TIAA Trust National Association’s holdings in State Street were worth $1,410,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Albion Financial Group UT purchased a new stake in shares of State Street during the fourth quarter worth about $25,000. Y.D. More Investments Ltd grew its stake in State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after acquiring an additional 197 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new position in State Street in the 4th quarter valued at $42,000. Friedenthal Financial purchased a new position in shares of State Street during the 4th quarter worth $49,000. Finally, Hager Investment Management Services LLC acquired a new stake in shares of State Street during the fourth quarter worth $56,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Citigroup dropped their price target on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday. Morgan Stanley lowered their price objective on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $101.87.

State Street Stock Performance

State Street stock opened at $91.82 on Friday. The firm has a market capitalization of $26.49 billion, a PE ratio of 11.14, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The stock’s 50 day moving average price is $95.53 and its 200 day moving average price is $94.36. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same period in the prior year, the firm earned $2.04 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts expect that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s payout ratio is 36.89%.

Insider Buying and Selling

In other news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

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.