Simplicity Solutions LLC Cuts Stake in State Street Co. (NYSE:STT)

Simplicity Solutions LLC cut its stake in shares of State Street Co. (NYSE:STT) by 3.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 7,199 shares of the asset manager’s stock after selling 279 shares during the quarter. Simplicity Solutions LLC’s holdings in State Street were worth $558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in STT. IFP Advisors Inc lifted its stake in State Street by 24.9% in the 2nd quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock valued at $54,000 after buying an additional 146 shares in the last quarter. First Manhattan Co. lifted its stake in State Street by 7.5% in the 4th quarter. First Manhattan Co. now owns 2,119 shares of the asset manager’s stock valued at $164,000 after buying an additional 148 shares in the last quarter. Apollon Wealth Management LLC lifted its stake in State Street by 1.8% in the 4th quarter. Apollon Wealth Management LLC now owns 8,337 shares of the asset manager’s stock valued at $647,000 after buying an additional 149 shares in the last quarter. HBK Sorce Advisory LLC lifted its stake in State Street by 0.8% in the 3rd quarter. HBK Sorce Advisory LLC now owns 20,131 shares of the asset manager’s stock valued at $1,348,000 after buying an additional 151 shares in the last quarter. Finally, United Capital Financial Advisers LLC lifted its stake in State Street by 3.7% in the 1st quarter. United Capital Financial Advisers LLC now owns 4,717 shares of the asset manager’s stock worth $411,000 after purchasing an additional 170 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on STT shares. Keefe, Bruyette & Woods decreased their target price on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. Royal Bank of Canada raised their target price on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. Bank of America reissued an “underperform” rating and issued a $81.00 target price on shares of State Street in a research note on Thursday, January 4th. Evercore ISI raised their target price on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Finally, Argus raised their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $84.04.

State Street Stock Up 0.3 %

Shares of NYSE STT opened at $73.04 on Friday. The company has a 50 day simple moving average of $73.99 and a 200-day simple moving average of $72.37. The company has a market capitalization of $22.05 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.30 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. State Street Co. has a 1 year low of $62.78 and a 1 year high of $79.90.

State Street (NYSE:STT) last posted its 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 during the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the firm earned $2.07 EPS. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, equities research analysts predict that State Street Co. will post 7.91 earnings per share for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a $0.69 dividend. The ex-dividend date 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%.

Insider Activity at State Street

In related news, 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 value of $313,559.12. Following the completion of the sale, the executive vice president now owns 23,328 shares in the company, valued at approximately $1,717,873.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the completion of the transaction, the executive vice president now owns 23,328 shares in the company, valued at $1,717,873.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the business’s 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 transaction, the chief financial officer now owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,864 shares of company stock worth $1,390,597. Insiders own 0.31% of the company’s stock.

State Street Company 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.