State Street Co. (NYSE:STT) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership cut its holdings in shares of State Street Co. (NYSE:STT) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,840,993 shares of the asset manager’s stock after selling 51,260 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.63% of State Street worth $180,693,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Flagship Harbor Advisors LLC purchased a new position in State Street during the fourth quarter worth about $272,000. Charles Schwab Investment Management Inc. increased its holdings in State Street by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after purchasing an additional 10,404 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock valued at $44,725,000 after purchasing an additional 14,476 shares during the period. Janney Montgomery Scott LLC lifted its stake in State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after purchasing an additional 7,446 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new position in State Street during the fourth quarter worth $395,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on STT. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research note on Friday, December 20th. Morgan Stanley reduced their price target on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, Barclays upped their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $101.53.

Insider Transactions at State Street

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

State Street Stock Down 3.1 %

STT opened at $88.95 on Monday. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The business has a 50 day moving average price of $95.35 and a two-hundred day moving average price of $94.56. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market cap of $25.66 billion, a PE ratio of 10.80, a P/E/G ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter in the prior year, the business earned $2.04 earnings per share. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, research analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s payout ratio is 36.89%.

State Street Company 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.