State Street Corporation $STT Shares Sold by Madison Asset Management LLC

Madison Asset Management LLC lowered its stake in shares of State Street Corporation (NYSE:STT) by 47.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,576 shares of the asset manager’s stock after selling 5,108 shares during the period. Madison Asset Management LLC’s holdings in State Street were worth $706,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Regents of The University of California lifted its stake in 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 buying an additional 5,908,370 shares in the last quarter. Norges Bank purchased a new stake in State Street during the 4th quarter worth approximately $303,483,000. Pinebridge Investments LLC acquired a new position in shares of State Street during the fourth quarter valued at approximately $178,705,000. Victory Capital Management Inc. raised its holdings in shares of State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after acquiring an additional 1,074,174 shares during the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after acquiring an additional 880,507 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on STT shares. Argus lifted their price target on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Barclays increased their price objective on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 target price on shares of State Street in a research note on Monday, April 20th. Bank of America upped their target price on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Evercore set a $200.00 target price on shares of State Street in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $184.72.

State Street Price Performance

NYSE:STT opened at $185.26 on Thursday. State Street Corporation has a one year low of $104.64 and a one year high of $192.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. The stock has a market cap of $51.27 billion, a PE ratio of 16.34, a P/E/G ratio of 0.77 and a beta of 1.42. The stock has a 50 day moving average price of $167.80 and a 200 day moving average price of $145.33.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.04 earnings per share. Equities research analysts expect that State Street Corporation will post 13.44 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is presently 29.63%.

Insider Transactions at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 25,265 shares of company stock worth $3,935,103 in the last quarter. Company insiders own 0.27% of the company’s stock.

State Street Company 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.