Bank of New York Mellon Corp Lowers Stock Position in State Street Corporation $STT

Bank of New York Mellon Corp lowered its holdings in shares of State Street Corporation (NYSE:STT) by 1.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,012,088 shares of the asset manager’s stock after selling 27,136 shares during the period. Bank of New York Mellon Corp’s holdings in State Street were worth $233,422,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brighton Jones LLC bought a new stake in shares of State Street in the 4th quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after acquiring an additional 918 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after acquiring an additional 5,226 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after acquiring an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP raised its position in shares of State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after purchasing an additional 6,767 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of STT opened at $130.74 on Friday. The firm has a fifty day simple moving average of $127.60 and a two-hundred day simple moving average of $118.42. The firm has a market cap of $36.52 billion, a PE ratio of 13.89, a P/E/G ratio of 1.15 and a beta of 1.43. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05.

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

State Street Dividend Announcement

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

Analysts Set New Price Targets

STT has been the topic of several recent analyst reports. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Wells Fargo & Company increased their price target on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Citigroup boosted their price objective on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. Keefe, Bruyette & Woods increased their target price on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, October 20th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $135.83.

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.