Rathbones Group PLC Cuts Position in State Street Co. (NYSE:STT)

Rathbones Group PLC reduced its position in State Street Co. (NYSE:STT) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,087 shares of the asset manager’s stock after selling 4,481 shares during the period. Rathbones Group PLC’s holdings in State Street were worth $5,603,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Adero Partners LLC lifted its position in State Street by 3.6% during the fourth quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock valued at $285,000 after buying an additional 100 shares in the last quarter. Peapack Gladstone Financial Corp lifted its holdings in shares of State Street by 2.0% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after acquiring an additional 103 shares in the last quarter. Jacobi Capital Management LLC boosted its position in State Street by 1.0% during the 4th quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock worth $1,201,000 after purchasing an additional 121 shares during the period. Moors & Cabot Inc. increased its holdings in State Street by 0.7% in the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after purchasing an additional 131 shares in the last quarter. Finally, Apollon Wealth Management LLC raised its position in State Street by 1.4% in the fourth quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after purchasing an additional 138 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated 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 sale, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. The trade was a 6.80 % 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.

State Street Stock Down 0.1 %

NYSE:STT opened at $76.17 on Tuesday. The stock has a 50-day simple moving average of $93.61 and a 200 day simple moving average of $94.48. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company has a market capitalization of $21.97 billion, a price-to-earnings ratio of 9.24, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. 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 issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.04 EPS. Sell-side analysts predict 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. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.99%. State Street’s dividend payout ratio (DPR) is 36.89%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on STT shares. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research report on Friday, December 20th. Wells Fargo & Company decreased their price target on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Bank of America lifted their price objective on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research note on Wednesday, April 2nd. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One research 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $101.07.

State Street Company 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.