Newport Trust Company LLC Lowers Stock Position in State Street Corporation $STT

Newport Trust Company LLC cut its stake in shares of State Street Corporation (NYSE:STT) by 4.2% in the third quarter, HoldingsChannel reports. The fund owned 1,505,688 shares of the asset manager’s stock after selling 65,825 shares during the period. Newport Trust Company LLC’s holdings in State Street were worth $174,675,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC boosted its position in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after purchasing an additional 158 shares during the period. Flagship Wealth Advisors LLC purchased a new position in shares of State Street during the 3rd quarter valued at $35,000. SJS Investment Consulting Inc. lifted its stake in shares of State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Root Financial Partners LLC bought a new position in State Street in the 3rd quarter worth $47,000. Finally, City Holding Co. purchased a new stake in State Street in the 3rd quarter worth $47,000. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on STT shares. Citigroup boosted their price objective on State Street from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Loop Capital set a $144.00 target price on State Street in a research note on Tuesday, January 6th. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a report on Tuesday, January 6th. TD Cowen reaffirmed a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $135.83.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by insiders.

State Street Stock Performance

NYSE STT opened at $126.10 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The business has a 50 day simple moving average of $126.05 and a two-hundred day simple moving average of $117.80. The stock has a market capitalization of $35.22 billion, a PE ratio of 13.40, a P/E/G ratio of 1.11 and a beta of 1.43.

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

State Street Announces Dividend

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

State Street Profile

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.