Capital International Investors Decreases Stock Position in State Street Corporation $STT

Capital International Investors lessened its position in State Street Corporation (NYSE:STT) by 61.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 876,277 shares of the asset manager’s stock after selling 1,399,546 shares during the quarter. Capital International Investors owned about 0.31% of State Street worth $113,050,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPL Wealth Management LLC purchased a new position in shares of State Street in the third quarter valued at approximately $29,000. Board of the Pension Protection Fund purchased a new position in shares of State Street in the fourth quarter valued at approximately $39,000. Measured Wealth Private Client Group LLC purchased a new position in shares of State Street in the third quarter valued at approximately $35,000. Ameriflex Group Inc. lifted its position in shares of State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after acquiring an additional 161 shares in the last quarter. Finally, Stance Capital LLC purchased a new position in shares of State Street in the third quarter valued at approximately $44,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the subject of several research reports. Evercore set a $158.00 price objective on shares of State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Royal Bank Of Canada upped their price objective on shares of State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research note on Monday, April 20th. Wells Fargo & Company upped their price objective on shares of State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Barclays set a $165.00 price objective on shares of State Street in a research note on Monday, April 20th. Finally, The Goldman Sachs Group upped their price objective on shares of State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.57.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the sale, the chief executive officer directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer directly owned 64,642 shares in the company, valued at $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 52,476 shares of company stock worth $7,624,925. Insiders own 0.27% of the company’s stock.

State Street Stock Performance

NYSE:STT opened at $161.91 on Tuesday. The company’s 50-day moving average is $147.70 and its two-hundred day moving average is $134.16. The firm has a market capitalization of $44.81 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 0.88 and a beta of 1.43. State Street Corporation has a 1-year low of $95.67 and a 1-year high of $163.95. 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 (NYSE:STT) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business’s revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. Analysts forecast that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s payout ratio is 34.08%.

About State Street

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.