Principal Financial Group Inc. Has $27.54 Million Stock Holdings in State Street Co. (NYSE:STT)

Principal Financial Group Inc. cut its stake in shares of State Street Co. (NYSE:STT) by 6.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 355,487 shares of the asset manager’s stock after selling 26,189 shares during the quarter. Principal Financial Group Inc.’s holdings in State Street were worth $27,536,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Invesco Ltd. lifted its position in shares of State Street by 0.3% in the third quarter. Invesco Ltd. now owns 10,434,030 shares of the asset manager’s stock valued at $698,663,000 after buying an additional 29,190 shares during the last quarter. Northern Trust Corp lifted its position in shares of State Street by 4.1% in the third quarter. Northern Trust Corp now owns 4,624,813 shares of the asset manager’s stock valued at $309,677,000 after buying an additional 180,093 shares during the last quarter. LSV Asset Management lifted its position in shares of State Street by 0.7% in the fourth quarter. LSV Asset Management now owns 3,658,731 shares of the asset manager’s stock valued at $283,405,000 after buying an additional 23,756 shares during the last quarter. Metropolis Capital Ltd lifted its position in shares of State Street by 18.4% in the fourth quarter. Metropolis Capital Ltd now owns 3,462,044 shares of the asset manager’s stock valued at $268,170,000 after buying an additional 537,431 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of State Street by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock valued at $201,243,000 after buying an additional 79,746 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent analyst reports. Evercore ISI raised their price objective on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Argus boosted their price target on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Monday, April 15th. UBS Group upped 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. Keefe, Bruyette & Woods dropped their target price on State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. Finally, Royal Bank of Canada upped their price target on shares of State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research note on Monday, January 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $84.04.

Insider Transactions at State Street

In related news, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction on Friday, March 1st. The stock was 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 directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The sale was disclosed in a filing with the SEC, which is available through this link. In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now owns 23,328 shares of the company’s stock, valued at $1,717,873.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

State Street Trading Up 0.5 %

Shares of State Street stock opened at $78.01 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. State Street Co. has a 12-month low of $62.78 and a 12-month high of $79.90. The company has a market capitalization of $23.50 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 1.34 and a beta of 1.51. The firm’s 50-day moving average price is $74.93 and its two-hundred day moving average price is $73.89.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.21. The business had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.06 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. On average, analysts forecast that State Street Co. will post 7.95 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.76 annualized dividend and a dividend yield of 3.54%. State Street’s payout ratio is 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.