Mirae Asset Global Investments Co. Ltd. Sells 9,224 Shares of State Street Co. (NYSE:STT)

Mirae Asset Global Investments Co. Ltd. lessened its position in shares of State Street Co. (NYSE:STT) by 15.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 51,712 shares of the asset manager’s stock after selling 9,224 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in State Street were worth $4,006,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Trust N.A. grew its holdings in shares of State Street by 29.3% during the first quarter. Raymond James Trust N.A. now owns 4,505 shares of the asset manager’s stock worth $392,000 after buying an additional 1,021 shares in the last quarter. Blair William & Co. IL grew its stake in shares of State Street by 14.3% during the 1st quarter. Blair William & Co. IL now owns 17,756 shares of the asset manager’s stock worth $1,547,000 after acquiring an additional 2,216 shares in the last quarter. Sei Investments Co. raised its holdings in shares of State Street by 3.8% in the first quarter. Sei Investments Co. now owns 280,353 shares of the asset manager’s stock valued at $24,436,000 after purchasing an additional 10,187 shares during the last quarter. Prudential PLC bought a new stake in shares of State Street in the first quarter worth $812,000. Finally, Cetera Investment Advisers boosted its holdings in State Street by 16.5% during the first quarter. Cetera Investment Advisers now owns 23,170 shares of the asset manager’s stock worth $2,019,000 after purchasing an additional 3,276 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on STT. Argus boosted their price target on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley upped their target price on State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday. The Goldman Sachs Group raised State Street from a “neutral” rating to a “buy” rating and increased their price target for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Barclays boosted their price target on State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, UBS Group increased their price objective on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, State Street has an average rating of “Hold” and an average price target of $84.04.

Insider Buying and Selling at State Street

In other news, CFO Eric W. Aboaf sold 12,000 shares of State Street stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares in the company, valued at approximately $11,015,755.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the sale, the executive vice president now owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The disclosure for this sale can be found here. Insiders have sold a total of 18,864 shares of company stock valued at $1,390,597 in the last ninety days. 0.31% of the stock is currently owned by corporate insiders.

State Street Price Performance

Shares of STT opened at $73.02 on Wednesday. The firm has a market capitalization of $22.05 billion, a PE ratio of 13.67, a PEG ratio of 1.42 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. The company’s 50-day moving average is $73.98 and its 200-day moving average is $72.36. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $79.90.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $2.95 billion. During the same period in the prior year, the firm earned $2.07 EPS. The business’s revenue was down 3.5% on a year-over-year basis. Equities analysts forecast that State Street Co. will post 7.85 EPS for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were paid a $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.78%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.