Ritholtz Wealth Management Reduces Stock Position in State Street Co. (NYSE:STT)

Ritholtz Wealth Management lessened its stake in State Street Co. (NYSE:STTFree Report) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,111 shares of the asset manager’s stock after selling 142 shares during the quarter. Ritholtz Wealth Management’s holdings in State Street were worth $1,016,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of STT. Vanguard Group Inc. grew its position in shares of State Street by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 34,410,077 shares of the asset manager’s stock worth $2,997,806,000 after acquiring an additional 146,048 shares in the last quarter. Invesco Ltd. boosted its holdings in State Street by 0.3% in the third quarter. Invesco Ltd. now owns 10,434,030 shares of the asset manager’s stock worth $698,663,000 after purchasing an additional 29,190 shares during the period. Morgan Stanley increased its stake in State Street by 31.1% during the fourth quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager’s stock valued at $467,876,000 after purchasing an additional 1,430,237 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of State Street by 10.5% during the first quarter. JPMorgan Chase & Co. now owns 4,935,279 shares of the asset manager’s stock worth $373,551,000 after purchasing an additional 469,309 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of State Street by 4.1% in the 3rd quarter. Northern Trust Corp now owns 4,624,813 shares of the asset manager’s stock valued at $309,677,000 after buying an additional 180,093 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Anthony Bisegna sold 2,606 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at approximately $11,015,755.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Anthony Bisegna sold 2,606 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the sale, the executive vice president now directly owns 17,737 shares of the company’s stock, valued at $1,294,801. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock valued at $1,390,597 over the last three months. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

STT has been the subject of a number of research reports. Royal Bank of Canada lifted their target price on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research note on Monday, January 22nd. The Goldman Sachs Group upgraded State Street from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $69.00 to $92.00 in a research note on Wednesday, January 3rd. Wells Fargo & Company reissued an “overweight” rating and set a $83.00 price target on shares of State Street in a report on Wednesday, December 6th. UBS Group increased their price objective on shares of State Street from $70.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, January 9th. Finally, Barclays upped their target price on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $81.83.

Check Out Our Latest Analysis on STT

State Street Price Performance

Shares of STT opened at $77.32 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.55 and a quick ratio of 0.55. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $81.37. The company’s 50-day moving average is $73.52 and its 200-day moving average is $71.75. The firm has a market capitalization of $23.35 billion, a PE ratio of 14.08, a PEG ratio of 1.35 and a beta of 1.52.

State Street (NYSE:STTGet Free Report) last issued its quarterly earnings data on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.83 by $0.21. The company had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $2.95 billion. State Street had a net margin of 10.59% and a return on equity of 11.86%. State Street’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.07 earnings per share. Equities analysts forecast that State Street Co. will post 7.83 EPS for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Monday, April 1st will be paid a $0.69 dividend. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.57%. State Street’s dividend payout ratio is presently 50.27%.

State Street Company Profile

(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.

Further Reading

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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