Yacktman Asset Management LP Lowers Stake in State Street Corporation $STT

Yacktman Asset Management LP trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 13.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,051,860 shares of the asset manager’s stock after selling 156,644 shares during the period. State Street comprises about 1.7% of Yacktman Asset Management LP’s portfolio, making the stock its 27th largest position. Yacktman Asset Management LP owned approximately 0.37% of State Street worth $122,026,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of STT. True Wealth Design LLC increased its holdings in shares of State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 158 shares during the period. Flagship Wealth Advisors LLC bought a new stake in State Street during the third quarter valued at about $35,000. SJS Investment Consulting Inc. grew its stake in State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its holdings in State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new stake in shares of State Street during the third quarter valued at about $47,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $130.74 on Monday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $137.05. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The stock has a market cap of $36.52 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.15 and a beta of 1.43. The business has a 50-day simple moving average of $127.60 and a 200-day simple moving average of $118.63.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period last year, the business earned $2.60 earnings per share. State Street’s quarterly revenue was up 7.5% on a year-over-year basis. On average, equities analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on STT shares. Loop Capital set a $144.00 price objective on shares of State Street in a research note on Tuesday, January 6th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Morgan Stanley lowered their price objective on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average target price of $135.83.

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.