AEGON ASSET MANAGEMENT UK Plc Sells 95,941 Shares of State Street Corporation $STT

AEGON ASSET MANAGEMENT UK Plc reduced its position in shares of State Street Corporation (NYSE:STT) by 22.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 336,003 shares of the asset manager’s stock after selling 95,941 shares during the period. AEGON ASSET MANAGEMENT UK Plc’s holdings in State Street were worth $42,525,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wilkerson Advisory Group LLC bought a new stake in State Street in the 4th quarter worth about $29,000. JPL Wealth Management LLC bought a new position in shares of State Street during the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. bought a new position in shares of State Street during the 4th quarter worth approximately $30,000. Reflection Asset Management purchased a new position in shares of State Street in the 4th quarter worth approximately $35,000. Finally, Measured Wealth Private Client Group LLC purchased a new position in shares of State Street in the 3rd quarter worth approximately $35,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In other news, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction on 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 owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. This trade represents a 5.39% 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. Over the last ninety days, insiders sold 37,876 shares of company stock valued at $5,866,583. Corporate insiders own 0.27% of the company’s stock.

State Street Stock Up 0.2%

STT opened at $168.72 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market cap of $46.70 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 0.92 and a beta of 1.43. State Street Corporation has a twelve month low of $99.00 and a twelve month high of $174.66. The company’s 50-day moving average price is $154.68 and its two-hundred day moving average price is $137.25.

State Street (NYSE:STT) last released its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the firm earned $2.04 EPS. The company’s revenue was up 15.6% compared to the same quarter last year. As a group, equities analysts expect that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on STT. Wells Fargo & Company upped their target price on State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Citigroup lifted their price target on State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Seaport Research Partners restated a “buy” rating and issued a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. raised their target price on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research report on Monday, May 11th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $158.57.

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.