The Manufacturers Life Insurance Company Sells 19,622 Shares of State Street Corporation $STT

The Manufacturers Life Insurance Company decreased its position in shares of State Street Corporation (NYSE:STT) by 5.3% during the first quarter, HoldingsChannel reports. The firm owned 351,545 shares of the asset manager’s stock after selling 19,622 shares during the period. The Manufacturers Life Insurance Company’s holdings in State Street were worth $44,492,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC purchased a new position in shares of State Street in the 4th quarter worth about $29,000. Phillip James Consulting Co. purchased a new position in shares of State Street during the 4th quarter valued at about $30,000. JPL Wealth Management LLC purchased a new position in shares of State Street during the 3rd quarter valued at about $29,000. Whipplewood Advisors LLC bought a new stake in State Street in the 1st quarter worth approximately $34,000. Finally, Reflection Asset Management bought a new stake in State Street in the 4th quarter worth approximately $35,000. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 49,576 shares of company stock valued at $8,415,875 over the last quarter. 0.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Seaport Research Partners reiterated a “buy” rating and set a $170.00 price target on shares of State Street in a research report on Monday, April 20th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Barclays upped their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Finally, Evercore set a $200.00 target price on shares of State Street in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $184.72.

State Street Stock Up 3.9%

Shares of NYSE:STT opened at $182.93 on Friday. The stock’s 50-day moving average is $171.34 and its 200 day moving average is $147.45. The company has a market cap of $50.63 billion, a PE ratio of 16.13, a P/E/G ratio of 0.73 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business’s revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the business posted $2.04 EPS. Sell-side analysts anticipate that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio is currently 32.45%.

State Street Company 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.