State Street Corporation $STT Stock Position Reduced by ProShare Advisors LLC

ProShare Advisors LLC cut its stake in shares of State Street Corporation (NYSE:STT) by 16.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 59,202 shares of the asset manager’s stock after selling 11,627 shares during the period. ProShare Advisors LLC’s holdings in State Street were worth $7,638,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. HighTower Advisors LLC grew its position in State Street by 5.1% in the fourth quarter. HighTower Advisors LLC now owns 58,396 shares of the asset manager’s stock worth $7,534,000 after acquiring an additional 2,821 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in State Street by 2.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,598 shares of the asset manager’s stock worth $593,000 after acquiring an additional 106 shares in the last quarter. Mission Wealth Management LP bought a new stake in State Street in the fourth quarter worth approximately $206,000. Pacific Heights Asset Management LLC grew its position in State Street by 16.2% in the fourth quarter. Pacific Heights Asset Management LLC now owns 215,000 shares of the asset manager’s stock worth $27,737,000 after acquiring an additional 30,000 shares in the last quarter. Finally, Chase Investment Counsel Corp bought a new stake in State Street in the fourth quarter worth approximately $5,301,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

NYSE STT opened at $153.55 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a fifty day simple moving average of $139.21 and a 200 day simple moving average of $130.67. The company has a market cap of $42.50 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.84 and a beta of 1.45. State Street Corporation has a 1 year low of $94.19 and a 1 year high of $156.18.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.04 EPS. On average, sell-side analysts predict that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.2%. State Street’s dividend payout ratio is 34.08%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,711 shares of company stock valued at $3,933,032 in the last ninety days. Company insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Evercore set a $158.00 target price on shares of State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Barclays set a $165.00 target price on shares of State Street in a research report on Monday, April 20th. Royal Bank Of Canada boosted their target price on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research report on Monday, April 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $155.77.

About State Street

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.