Private Management Group Inc. Lowers Stock Holdings in State Street Corporation $STT

Private Management Group Inc. reduced its position in shares of State Street Corporation (NYSE:STT) by 13.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 367,864 shares of the asset manager’s stock after selling 57,768 shares during the period. State Street makes up about 1.4% of Private Management Group Inc.’s portfolio, making the stock its 6th biggest holding. Private Management Group Inc.’s holdings in State Street were worth $47,458,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in STT. Brighton Jones LLC acquired a new stake in State Street during the 4th quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in State Street by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares during the last quarter. Empowered Funds LLC lifted its holdings in State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after purchasing an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP lifted its holdings in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after purchasing an additional 6,767 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the transaction, the chief executive officer directly owned 255,512 shares in the company, valued at $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 37,876 shares of company stock valued at $5,866,583 in the last three months. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on STT shares. Keefe, Bruyette & Woods lifted their price target on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Evercore set a $158.00 price target on State Street and gave the stock an “outperform” rating in a report on Monday, April 20th. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target for the company in a report on Monday, April 6th. Argus boosted their price target on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Finally, Barclays set a $165.00 price target on State Street in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.57.

State Street Trading Up 1.8%

Shares of STT stock opened at $164.71 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market cap of $45.59 billion, a P/E ratio of 16.70, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. The stock has a 50 day simple moving average of $150.06 and a 200 day simple moving average of $135.20. State Street Corporation has a 1 year low of $95.67 and a 1 year high of $165.57.

State Street (NYSE:STT) last issued 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. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.04 earnings per share. On average, research analysts predict that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is 34.08%.

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.