Korea Investment CORP Decreases Position in State Street Co. (NYSE:STT)

Korea Investment CORP reduced its position in State Street Co. (NYSE:STT - Free Report) by 3.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 219,552 shares of the asset manager's stock after selling 7,119 shares during the period. Korea Investment CORP owned about 0.07% of State Street worth $21,549,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STT. Albion Financial Group UT bought a new position in shares of State Street during the fourth quarter valued at $25,000. Y.D. More Investments Ltd raised its position in State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock worth $36,000 after buying an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in State Street during the 4th quarter valued at about $42,000. Friedenthal Financial purchased a new stake in shares of State Street during the 4th quarter valued at about $49,000. Finally, Hager Investment Management Services LLC bought a new stake in shares of State Street in the fourth quarter worth approximately $56,000. 87.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares of the company's stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares of the company's stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

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Analysts Set New Price Targets

STT has been the subject of a number of research reports. Citigroup decreased their target price on shares of State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price objective for the company in a research report on Friday, December 20th. 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 report on Tuesday. Wells Fargo & Company cut their price target on State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, State Street currently has a consensus rating of "Hold" and an average target price of $102.07.

State Street Price Performance

State Street stock traded down $6.91 during mid-day trading on Thursday, hitting $82.68. The stock had a trading volume of 679,967 shares, compared to its average volume of 2,156,915. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm's 50 day moving average is $94.85 and its 200 day moving average is $94.62. The firm has a market capitalization of $23.85 billion, a P/E ratio of 10.03, a P/E/G ratio of 1.11 and a beta of 1.44. State Street Co. has a one year low of $70.20 and a one year high of $103.00.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.41 billion during the quarter, compared to analysts' expectations of $3.27 billion. During the same quarter last year, the business posted $2.04 earnings per share. The firm's revenue was up 12.1% on a year-over-year basis. On average, sell-side analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.68%. The ex-dividend date is Tuesday, April 1st. State Street's dividend payout ratio (DPR) is presently 36.89%.

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.