Mawer Investment Management Ltd. Decreases Stock Position in State Street Corporation (NYSE:STT)

Mawer Investment Management Ltd. lessened its stake in shares of State Street Corporation (NYSE:STT) by 30.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 516,537 shares of the asset manager’s stock after selling 228,742 shares during the period. Mawer Investment Management Ltd. owned approximately 0.18% of State Street worth $46,246,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. First Pacific Financial purchased a new stake in State Street in the first quarter worth $25,000. Larson Financial Group LLC increased its stake in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares during the period. Coppell Advisory Solutions LLC increased its stake in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after purchasing an additional 412 shares during the period. Golden State Wealth Management LLC increased its stake in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after purchasing an additional 310 shares during the period. Finally, Loomis Sayles & Co. L P increased its stake in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after purchasing an additional 311 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Elizabeth Schaefer sold 1,300 shares of the firm’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 transaction, the chief accounting officer owned 7,354 shares of the company’s stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Bank of America increased their price target on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 16th. The Goldman Sachs Group increased their price target on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Morgan Stanley increased their price target on State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Barclays dropped their price target on State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods dropped their price target on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, State Street has an average rating of “Hold” and an average price target of $112.00.

State Street Price Performance

Shares of STT stock opened at $112.47 on Tuesday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $113.72. The stock’s 50-day moving average is $102.89 and its 200 day moving average is $95.78. The company has a market cap of $32.07 billion, a P/E ratio of 12.59, a PEG ratio of 1.25 and a beta of 1.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned $2.15 earnings per share. Research analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio (DPR) is currently 37.63%.

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.