State Street Co. (NYSE:STT) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its stake in shares of State Street Co. (NYSE:STT) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,877 shares of the asset manager’s stock after selling 444 shares during the quarter. Fifth Third Bancorp’s holdings in State Street were worth $6,435,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. USA Financial Formulas acquired a new stake in shares of State Street during the first quarter worth approximately $1,053,000. Assenagon Asset Management S.A. boosted its holdings in State Street by 10.9% in the first quarter. Assenagon Asset Management S.A. now owns 11,400 shares of the asset manager’s stock worth $1,021,000 after purchasing an additional 1,125 shares during the period. MV Capital Management Inc. boosted its holdings in State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock worth $45,000 after purchasing an additional 251 shares during the period. SG Americas Securities LLC boosted its holdings in State Street by 504.7% in the first quarter. SG Americas Securities LLC now owns 101,965 shares of the asset manager’s stock worth $9,129,000 after purchasing an additional 85,104 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in State Street by 14.7% in the first quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager’s stock worth $329,000 after purchasing an additional 472 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. 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 report on Monday, April 21st. 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 report on Monday, April 21st. Morgan Stanley set a $110.00 target price on State Street and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Wall Street Zen cut State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Finally, Cfra Research cut State Street from a “moderate buy” rating to a “hold” rating in a research note on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $102.54.

Insider Activity at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer now directly owns 7,354 shares of the company’s stock, valued at $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.29% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $96.05 on Friday. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The firm’s 50-day simple moving average is $91.21 and its 200 day simple moving average is $94.06. 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 stock has a market cap of $27.39 billion, a P/E ratio of 11.66, a P/E/G ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.30 billion. During the same period in the previous year, the business earned $1.69 earnings per share. Equities analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date is Tuesday, July 1st. State Street’s dividend payout ratio is currently 34.12%.

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.