Arrowstreet Capital Limited Partnership Has $183.88 Million Stake in State Street Corporation $STT

Arrowstreet Capital Limited Partnership decreased its holdings in shares of State Street Corporation (NYSE:STT) by 17.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,425,285 shares of the asset manager’s stock after selling 298,227 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in State Street were worth $183,876,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in STT. Regents of The University of California boosted its holdings in State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares during the last quarter. Norges Bank acquired a new position in State Street during the fourth quarter worth $303,483,000. Pinebridge Investments LLC bought a new stake in State Street during the fourth quarter worth $178,705,000. Victory Capital Management Inc. raised its position in 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 worth $588,227,000 after acquiring an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP raised its position in 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 worth $141,277,000 after acquiring an additional 880,507 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on STT. Citigroup upped their price target on shares of State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Keefe, Bruyette & Woods upped their price target on shares of State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Argus upped their price target on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. JPMorgan Chase & Co. upped their price target on shares of State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Finally, Royal Bank Of Canada upped their price target on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research report on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $158.57.

Insider Activity at State Street

In other news, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the 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 completion of the transaction, the chief executive officer directly owned 255,512 shares in the company, valued at $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 37,876 shares of company stock valued at $5,866,583 over the last three months. Company insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of STT opened at $167.27 on Monday. The firm has a market capitalization of $46.30 billion, a PE ratio of 16.96, a PEG ratio of 0.92 and a beta of 1.43. The company’s 50-day moving average is $150.84 and its 200-day moving average is $135.57. State Street Corporation has a fifty-two week low of $95.67 and a fifty-two week high of $168.29. 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 issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 earnings per share. Equities analysts forecast that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. State Street’s dividend payout ratio is presently 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.