Evercore Wealth Management LLC lowered its stake in shares of State Street Co. (NYSE:STT - Free Report) by 45.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 4,770 shares of the asset manager's stock after selling 4,000 shares during the period. Evercore Wealth Management LLC's holdings in State Street were worth $468,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC purchased a new position in shares of State Street in the 4th quarter worth $272,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after purchasing an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of State Street by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock valued at $184,025,000 after purchasing an additional 10,404 shares during the period. Janney Montgomery Scott LLC increased its position in shares of State Street by 11.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock valued at $7,289,000 after purchasing an additional 7,446 shares during the last quarter. Finally, Merit Financial Group LLC bought a new position in shares of State Street in the 4th quarter worth approximately $395,000. Hedge funds and other institutional investors own 87.44% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on STT. Evercore ISI lowered their target price on State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Barclays reduced their target price on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a report on Monday. Morgan Stanley lowered their price target on shares of State Street from $139.00 to $132.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. StockNews.com cut shares of State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $102.15.
Check Out Our Latest Stock Report on STT
Insider Activity
In other State Street news, Director Gregory L. Summe sold 10,815 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now owns 100,023 shares of the company's stock, valued at $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.
State Street Price Performance
NYSE:STT opened at $85.55 on Thursday. The company has a 50 day moving average price of $88.30 and a 200-day moving average price of $93.65. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00. The firm has a market cap of $24.69 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.
State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same period last year, the company earned $1.69 earnings per share. Equities research analysts forecast that State Street Co. will post 9.68 EPS for the current year.
State Street Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.55%. State Street's dividend payout ratio is currently 34.12%.
State Street Company Profile
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Free Report)
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.
See Also
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