Private Management Group Inc. Sells 57,768 Shares of State Street Corporation $STT

Private Management Group Inc. decreased its position in State Street Corporation (NYSE:STT) by 13.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 367,864 shares of the asset manager’s stock after selling 57,768 shares during the quarter. State Street accounts for approximately 1.4% of Private Management Group Inc.’s holdings, making the stock its 6th largest holding. Private Management Group Inc. owned 0.13% of State Street worth $47,458,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of STT. Regents of The University of California raised its stake in shares of State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Norges Bank acquired a new stake in shares of State Street in the 4th quarter valued at about $303,483,000. Pinebridge Investments LLC acquired a new stake in shares of State Street in the 4th quarter valued at about $178,705,000. Two Sigma Investments LP raised its stake in shares of State Street by 261.0% in the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after purchasing an additional 880,507 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of State Street by 36.8% in the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after purchasing an additional 738,456 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insiders Place Their Bets

In related news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares in the company, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 37,876 shares of company stock worth $5,866,583. Company insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $164.71 on Friday. The stock has a market capitalization of $45.59 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 0.88 and a beta of 1.43. The business has a 50-day moving average of $150.06 and a 200-day moving average of $135.20. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a fifty-two week low of $95.67 and a fifty-two week high of $165.57.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the company posted $2.04 earnings per share. State Street’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, sell-side analysts predict that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Wall Street Analyst Weigh In

Several research firms have issued reports on STT. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. raised their price objective on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a report on Monday, May 11th. Morgan Stanley raised their price objective on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Wells Fargo & Company raised their price objective on State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Finally, Argus raised their price objective on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $158.57.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.