State Street Corporation $STT Stock Position Lowered by Private Management Group Inc.

Private Management Group Inc. cut its holdings in State Street Corporation (NYSE:STT) by 1.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 327,584 shares of the asset manager’s stock after selling 3,714 shares during the period. State Street accounts for 1.5% of Private Management Group Inc.’s investment portfolio, making the stock its 4th biggest position. Private Management Group Inc. owned approximately 0.12% of State Street worth $55,558,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC bought a new stake in shares of State Street during the 4th quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of State Street by 2.9% in the first 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 period. NewEdge Advisors LLC boosted its position in shares of State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after acquiring an additional 5,226 shares during the last quarter. Empowered Funds LLC grew its stake in State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after buying an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP boosted its holdings in shares of State Street by 38.4% in 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 in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Up 0.0%

STT opened at $193.42 on Friday. The firm’s 50 day simple moving average is $182.46 and its two-hundred day simple moving average is $155.95. The company has a market capitalization of $53.13 billion, a PE ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.93. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for 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%.State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned $2.04 EPS. As a group, equities analysts forecast that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is presently 29.63%.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was 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 directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Royal Bank Of Canada lifted their price objective on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a report on Friday, July 17th. Bank of America boosted their price objective on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Barclays lifted their target price on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Citigroup increased their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of State Street in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $185.38.

State Street 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.