Yacktman Asset Management LP Cuts Position in State Street Corporation $STT

Yacktman Asset Management LP lowered its holdings in shares of State Street Corporation (NYSE:STT) by 13.0% during the third quarter, HoldingsChannel.com reports. The firm owned 1,051,860 shares of the asset manager’s stock after selling 156,644 shares during the period. State Street makes up approximately 1.7% of Yacktman Asset Management LP’s holdings, making the stock its 27th largest holding. Yacktman Asset Management LP’s holdings in State Street were worth $122,026,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of STT. True Wealth Design LLC lifted its position in shares of State Street by 166.3% during the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after buying an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new position in State Street during the third quarter worth $35,000. SJS Investment Consulting Inc. lifted its holdings in State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 94 shares in the last quarter. Finally, Root Financial Partners LLC acquired a new stake in shares of State Street in the third quarter valued at about $47,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on STT shares. Morgan Stanley decreased their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Keefe, Bruyette & Woods lifted their price target on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Wells Fargo & Company boosted their price target on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $135.83.

State Street Stock Performance

Shares of State Street stock opened at $130.74 on Monday. The business’s 50 day moving average price is $127.60 and its 200 day moving average price is $118.63. The company has a market cap of $36.52 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.15 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. State Street Corporation has a one year low of $72.81 and a one year high of $137.05.

State Street (NYSE:STT) last issued its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period last year, the company earned $2.60 EPS. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, research analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, January 2nd. State Street’s payout ratio is presently 35.71%.

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.