Private Wealth Partners LLC Cuts Position in State Street Corporation (NYSE:STT)

Private Wealth Partners LLC reduced its position in State Street Corporation (NYSE:STT) by 4.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,879 shares of the asset manager’s stock after selling 200 shares during the period. Private Wealth Partners LLC’s holdings in State Street were worth $347,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of State Street during the 4th quarter worth approximately $161,021,000. Price T Rowe Associates Inc. MD raised its holdings in shares of State Street by 236.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock worth $226,642,000 after acquiring an additional 1,622,408 shares during the last quarter. FMR LLC boosted its stake in shares of State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after acquiring an additional 870,849 shares during the last quarter. Azora Capital LP purchased a new stake in State Street during the 4th quarter worth about $80,294,000. Finally, Northern Trust Corp raised its stake in State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock valued at $407,166,000 after purchasing an additional 563,790 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction dated Tuesday, May 6th. The stock was 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.29% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $99.21 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $71.80 and a 1-year high of $103.00. The company has a market capitalization of $28.29 billion, a price-to-earnings ratio of 11.13, a PEG ratio of 1.16 and a beta of 1.44. The business has a 50-day moving average of $92.68 and a 200-day moving average of $94.05.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. State Street had a return on equity of 12.79% and a net margin of 12.85%. During the same quarter in the prior year, the business earned $1.69 EPS. On average, equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street’s dividend payout ratio is currently 34.12%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on STT shares. Bank of America boosted their price objective on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company reduced their target price on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. The Goldman Sachs Group set a $98.00 target price on shares of State Street and gave the company a “buy” rating in a report on Thursday, April 17th. Barclays dropped their price target 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. Finally, Keefe, Bruyette & Woods decreased their price target on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $102.54.

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.