Farmers & Merchants Trust Co of Chambersburg PA reduced its holdings in State Street Corp (NYSE:STT) by 79.9% during the first quarter, Holdings Channel reports. The fund owned 2,735 shares of the asset manager’s stock after selling 10,900 shares during the quarter. Farmers & Merchants Trust Co of Chambersburg PA’s holdings in State Street were worth $180,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Strategic Wealth Partners Ltd. increased its stake in State Street by 1,038.7% during the third quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock worth $30,000 after acquiring an additional 322 shares during the last quarter. Pearl River Capital LLC acquired a new stake in State Street in the 4th quarter valued at approximately $25,000. Certified Advisory Corp increased its holdings in State Street by 125.0% in the 4th quarter. Certified Advisory Corp now owns 450 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 250 shares during the last quarter. Moody National Bank Trust Division increased its holdings in State Street by 199.4% in the 4th quarter. Moody National Bank Trust Division now owns 470 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 313 shares during the last quarter. Finally, NuWave Investment Management LLC increased its holdings in State Street by 3,180.0% in the 1st quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 477 shares during the last quarter. Institutional investors and hedge funds own 87.92% of the company’s stock.
Shares of NYSE STT traded down $0.66 on Monday, hitting $70.37. The company’s stock had a trading volume of 15,464 shares, compared to its average volume of 1,835,828. State Street Corp has a 12-month low of $57.87 and a 12-month high of $104.33. The company has a market capitalization of $26.78 billion, a PE ratio of 9.76, a price-to-earnings-growth ratio of 1.19 and a beta of 1.38. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.53 and a quick ratio of 0.53.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, April 1st will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Friday, March 29th. State Street’s dividend payout ratio (DPR) is presently 26.04%.
Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods downgraded shares of State Street from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $72.00 to $70.00 in a report on Sunday, February 24th. ValuEngine lowered shares of State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, March 1st. Credit Suisse Group lowered their target price on shares of State Street from $80.00 to $75.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 22nd. Zacks Investment Research upgraded shares of State Street from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. Finally, TheStreet lowered shares of State Street from a “b-” rating to a “c+” rating in a research report on Tuesday, December 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. State Street presently has a consensus rating of “Hold” and a consensus price target of $84.78.
In related news, EVP Andrew P. Kuritzkes sold 7,689 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $69.97, for a total transaction of $537,999.33. Following the transaction, the executive vice president now owns 25,978 shares of the company’s stock, valued at $1,817,680.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew Erickson sold 861 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $69.45, for a total transaction of $59,796.45. The disclosure for this sale can be found here. Insiders sold 74,389 shares of company stock worth $5,300,338 in the last ninety days. Insiders own 0.40% of the company’s stock.
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State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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