Horizon Investments LLC Sells 6,313 Shares of State Street Corporation $STT

Horizon Investments LLC lessened its stake in State Street Corporation (NYSE:STT) by 8.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,634 shares of the asset manager’s stock after selling 6,313 shares during the period. Horizon Investments LLC’s holdings in State Street were worth $8,797,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Essex Bank raised its position in shares of State Street by 5.0% during the 4th quarter. Essex Bank now owns 3,885 shares of the asset manager’s stock valued at $501,000 after acquiring an additional 185 shares during the last quarter. Davis Selected Advisers raised its position in shares of State Street by 38.5% during the 4th quarter. Davis Selected Advisers now owns 143,773 shares of the asset manager’s stock valued at $18,548,000 after acquiring an additional 39,988 shares during the last quarter. Fifth Third Bancorp raised its position in shares of State Street by 2.3% during the 4th quarter. Fifth Third Bancorp now owns 70,604 shares of the asset manager’s stock valued at $9,109,000 after acquiring an additional 1,607 shares during the last quarter. Danske Bank A S raised its position in shares of State Street by 10.1% during the 4th quarter. Danske Bank A S now owns 328,296 shares of the asset manager’s stock valued at $42,353,000 after acquiring an additional 30,202 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in shares of State Street by 28.3% during the 4th quarter. Oppenheimer & Co. Inc. now owns 2,267 shares of the asset manager’s stock valued at $292,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Monday, April 20th. Citigroup assumed coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 target price for the company. Barclays set a $165.00 target price on shares of State Street in a research report on Monday, April 20th. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Finally, Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $154.00.

State Street Price Performance

Shares of STT stock opened at $152.12 on Friday. State Street Corporation has a 12-month low of $89.19 and a 12-month high of $156.18. The firm has a market capitalization of $42.10 billion, a price-to-earnings ratio of 15.43, a price-to-earnings-growth ratio of 0.83 and a beta of 1.45. The company has a quick ratio of 0.61, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a fifty day moving average of $132.73 and a 200-day moving average of $127.27.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business earned $2.04 EPS. The firm’s revenue was up 15.6% on a year-over-year basis. On average, equities research analysts forecast that State Street Corporation will post 12.31 earnings per share for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were paid a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.2%. State Street’s dividend payout ratio is presently 34.08%.

Insider Buying and Selling

In related news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 28,711 shares of company stock valued at $3,933,032. Company insiders own 0.27% of the company’s stock.

State Street 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.