Cambridge Trust Co. Trims Stock Position in State Street Co. (NYSE:STT)

Cambridge Trust Co. reduced its stake in shares of State Street Co. (NYSE:STT) by 11.9% during the first quarter, Holdings Channel reports. The firm owned 1,643 shares of the asset manager’s stock after selling 222 shares during the quarter. Cambridge Trust Co.’s holdings in State Street were worth $124,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. AXS Investments LLC purchased a new position in State Street during the 1st quarter valued at $966,000. Elo Mutual Pension Insurance Co increased its position in State Street by 3.1% during the 1st quarter. Elo Mutual Pension Insurance Co now owns 29,299 shares of the asset manager’s stock valued at $2,218,000 after purchasing an additional 886 shares during the period. WINTON GROUP Ltd purchased a new position in State Street during the 1st quarter valued at $470,000. Sei Investments Co. increased its position in State Street by 7.3% during the 1st quarter. Sei Investments Co. now owns 315,390 shares of the asset manager’s stock valued at $23,873,000 after purchasing an additional 21,397 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new position in State Street during the 1st quarter valued at $80,000. 89.62% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In other news, CFO Eric W. Aboaf sold 11,886 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $67.13, for a total transaction of $797,907.18. Following the sale, the chief financial officer now owns 145,974 shares in the company, valued at $9,799,234.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of State Street from $92.00 to $83.00 in a research report on Monday, July 17th. JPMorgan Chase & Co. downgraded shares of State Street from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $78.50 to $71.00 in a research report on Monday, July 17th. Keefe, Bruyette & Woods cut shares of State Street from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $84.00 to $73.00 in a research note on Sunday, July 16th. Morgan Stanley dropped their price target on shares of State Street from $91.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 18th. Finally, UBS Group cut shares of State Street from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $90.00 to $72.00 in a research note on Monday, July 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $76.17.

State Street Stock Performance

State Street stock traded up $1.11 during midday trading on Friday, hitting $69.85. The stock had a trading volume of 1,578,746 shares, compared to its average volume of 2,827,752. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.77. State Street Co. has a 52-week low of $58.62 and a 52-week high of $94.74. The firm’s fifty day moving average is $71.15 and its two-hundred day moving average is $73.98. The company has a market capitalization of $22.26 billion, a PE ratio of 9.44, a P/E/G ratio of 2.22 and a beta of 1.57.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, July 14th. The asset manager reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.09. The company had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.14 billion. State Street had a return on equity of 12.20% and a net margin of 16.99%. State Street’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the company earned $1.94 earnings per share. On average, research analysts forecast that State Street Co. will post 7.29 EPS for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Monday, October 2nd will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.95%. The ex-dividend date is Friday, September 29th. This is a positive change from State Street’s previous quarterly dividend of $0.63. State Street’s payout ratio is 34.05%.

About State Street

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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.