State Street Corporation $STT Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its holdings in shares of State Street Corporation (NYSE:STT) by 8.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 219,624 shares of the asset manager’s stock after selling 20,378 shares during the period. Envestnet Asset Management Inc. owned 0.08% of State Street worth $25,479,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in STT. Invesco Ltd. raised its stake in State Street by 4.7% during the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after acquiring an additional 381,547 shares in the last quarter. Dodge & Cox increased its holdings in shares of State Street by 1.1% during the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after purchasing an additional 80,855 shares during the period. Geode Capital Management LLC raised its stake in shares of State Street by 0.4% during the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after purchasing an additional 27,098 shares in the last quarter. Nordea Investment Management AB lifted its holdings in State Street by 7.8% in the third quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after purchasing an additional 178,136 shares during the period. Finally, Norges Bank bought a new position in State Street in the 2nd quarter valued at about $256,367,000. 87.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods upped their price objective on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. One equities 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 given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Price Performance

NYSE STT opened at $126.22 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. The company has a market cap of $35.26 billion, a PE ratio of 13.41, a PEG ratio of 1.16 and a beta of 1.43. The stock’s 50-day moving average price is $129.89 and its two-hundred day moving average price is $119.84.

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

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio (DPR) is 35.71%.

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.