Zurcher Kantonalbank Zurich Cantonalbank Reduces Position in State Street Corporation (NYSE:STT)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of State Street Corporation (NYSE:STT) by 58.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,963 shares of the asset manager’s stock after selling 177,344 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in State Street were worth $11,277,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Invesco Ltd. boosted its holdings in State Street by 5.7% in the fourth quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager’s stock valued at $737,162,000 after purchasing an additional 406,396 shares during the last quarter. Geode Capital Management LLC boosted its holdings in State Street by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after purchasing an additional 24,617 shares during the last quarter. FMR LLC boosted its holdings in State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares during the last quarter. Northern Trust Corp raised its position in shares of State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock worth $407,166,000 after acquiring an additional 563,790 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager’s stock worth $335,884,000 after acquiring an additional 55,598 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares of the company’s stock, valued at $667,154.88. This represents a 15.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company’s stock.

State Street Stock Up 0.8%

STT stock opened at $113.32 on Wednesday. The company has a market cap of $32.32 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 1.25 and a beta of 1.45. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $113.72. The firm has a 50-day moving average of $103.20 and a two-hundred day moving average of $95.90.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. State Street’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.15 EPS. As a group, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is an increase from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.97%. State Street’s dividend payout ratio is presently 34.04%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on STT. Cfra Research upgraded shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Barclays decreased their price objective on shares of State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. The Goldman Sachs Group upped their price objective on shares of State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Finally, Bank of America upped their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $112.00.

State Street Profile

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.