Covestor Ltd Sells 462 Shares of State Street Co. (NYSE:STT)

Covestor Ltd reduced its stake in State Street Co. (NYSE:STT) by 49.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 465 shares of the asset manager’s stock after selling 462 shares during the period. Covestor Ltd’s holdings in State Street were worth $46,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in STT. DRW Securities LLC acquired a new position in shares of State Street during the 4th quarter worth about $2,225,000. Azimuth Capital Investment Management LLC boosted its stake in State Street by 5.0% during the 4th quarter. Azimuth Capital Investment Management LLC now owns 113,120 shares of the asset manager’s stock worth $11,103,000 after acquiring an additional 5,430 shares during the last quarter. APG Asset Management N.V. acquired a new position in State Street during the fourth quarter valued at approximately $15,431,000. Applied Finance Capital Management LLC increased its stake in State Street by 2.9% in the fourth quarter. Applied Finance Capital Management LLC now owns 10,022 shares of the asset manager’s stock valued at $984,000 after purchasing an additional 279 shares in the last quarter. Finally, Twin Capital Management Inc. raised its holdings in State Street by 3.5% in the fourth quarter. Twin Capital Management Inc. now owns 24,939 shares of the asset manager’s stock worth $2,448,000 after purchasing an additional 834 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Performance

Shares of STT opened at $81.35 on Wednesday. The stock has a market capitalization of $23.48 billion, a price-to-earnings ratio of 9.87, a PEG ratio of 1.11 and a beta of 1.42. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00. The firm has a fifty day simple moving average of $90.31 and a 200 day simple moving average of $93.89. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.04 EPS. Research analysts forecast that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Tuesday, April 1st. State Street’s dividend payout ratio is currently 36.89%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Evercore ISI decreased their price target on shares of State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Barclays boosted their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Citigroup dropped their price target on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Bank of America boosted their price objective on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research report on Wednesday, April 2nd. Finally, Morgan Stanley dropped their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, State Street has a consensus rating of “Hold” and a consensus target price of $103.69.

Insider Activity

In other news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

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.