Arrowstreet Capital Limited Partnership Sells 1,031,558 Shares of State Street Corporation $STT

Arrowstreet Capital Limited Partnership lowered its holdings in State Street Corporation (NYSE:STT) by 72.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 393,727 shares of the asset manager’s stock after selling 1,031,558 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.14% of State Street worth $49,830,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in STT. JPL Wealth Management LLC bought a new stake in State Street in the third quarter valued at $29,000. Wilkerson Advisory Group LLC bought a new position in State Street in the 4th quarter worth $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street in the 4th quarter worth about $30,000. Whipplewood Advisors LLC purchased a new stake in shares of State Street in the 1st quarter worth about $34,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in shares of State Street during the 3rd quarter valued at about $35,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Argus raised their target price on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Morgan Stanley lifted their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Citigroup upped their price target on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $184.72.

Insider Transactions at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares of the company’s stock, valued at $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 25,265 shares of company stock worth $3,935,103. Corporate insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of NYSE:STT opened at $184.59 on Tuesday. The business has a fifty day moving average price of $169.67 and a 200-day moving average price of $146.44. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. The company has a market capitalization of $51.09 billion, a PE ratio of 16.28, a PEG ratio of 0.77 and a beta of 1.42. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business posted $2.04 EPS. State Street’s revenue was up 23.3% compared to the same quarter last year. As a group, equities analysts expect that State Street Corporation will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is presently 32.45%.

State Street Profile

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.