Carnegie Capital Asset Management LLC Lowers Stock Holdings in State Street Co. (NYSE:STT)

Carnegie Capital Asset Management LLC trimmed its position in State Street Co. (NYSE:STT) by 20.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,834 shares of the asset manager’s stock after selling 3,299 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in State Street were worth $994,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc boosted its holdings in State Street by 24.9% in the second quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock valued at $54,000 after acquiring an additional 146 shares in the last quarter. First Manhattan Co. boosted its holdings in 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 acquiring an additional 148 shares in the last quarter. Apollon Wealth Management LLC boosted its holdings in 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 acquiring an additional 149 shares in the last quarter. HBK Sorce Advisory LLC lifted its position in State Street by 0.8% during 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 during the period. Finally, United Capital Financial Advisers LLC lifted its position in State Street by 3.7% during 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 during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE:STT opened at $73.02 on Wednesday. The business has a 50-day simple moving average of $73.98 and a two-hundred day simple moving average of $72.36. The firm has a market cap of $22.05 billion, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 1.40 and a beta of 1.52. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. The business’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.07 EPS. On average, analysts expect that State Street Co. will post 7.87 earnings per share for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.78%. State Street’s dividend payout ratio is currently 51.69%.

Insider Buying and Selling at State Street

In related news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at approximately $11,015,755.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Anthony Bisegna sold 4,258 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. Insiders sold a total of 18,864 shares of company stock worth $1,390,597 in the last three months. 0.31% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

STT has been the subject of several recent research reports. Morgan Stanley raised their price objective on State Street from $89.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday. Evercore ISI raised their price objective on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Barclays raised their price objective on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada lifted their price target on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, January 22nd. Finally, Keefe, Bruyette & Woods lowered their price target on State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company 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.