State Street Corporation $STT Shares Sold by Rathbones Group PLC

Rathbones Group PLC decreased its position in State Street Corporation (NYSE:STT) by 48.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,606 shares of the asset manager’s stock after selling 24,164 shares during the period. Rathbones Group PLC’s holdings in State Street were worth $3,241,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in STT. Wilkerson Advisory Group LLC bought a new stake in shares of State Street during the fourth quarter valued at approximately $29,000. Phillip James Consulting Co. bought a new position in State Street in the 4th quarter worth approximately $30,000. JPL Wealth Management LLC acquired a new stake in State Street in the 3rd quarter valued at approximately $29,000. Whipplewood Advisors LLC acquired a new stake in State Street in the 1st quarter valued at approximately $34,000. Finally, Reflection Asset Management bought a new stake in State Street during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

STT opened at $185.35 on Wednesday. The company has a market capitalization of $50.92 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 0.76 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51. The business has a 50 day moving average price of $173.09 and a two-hundred day moving average price of $148.53.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the company posted $2.04 EPS. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. Research analysts predict that State Street Corporation will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is 29.63%.

Insider Activity at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 49,576 shares of company stock valued at $8,415,875 over the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Seaport Research Partners reiterated a “buy” rating and set a $170.00 price target on shares of State Street in a research report on Monday, April 20th. Evercore set a $200.00 price target on State Street in a report on Monday, July 20th. Royal Bank Of Canada lifted their price objective on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Keefe, Bruyette & Woods upped their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Finally, The Goldman Sachs Group upped their price objective on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and an average target price of $185.38.

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.