Metropolis Capital Ltd Trims Holdings in State Street Corporation $STT

Metropolis Capital Ltd decreased its stake in shares of State Street Corporation (NYSE:STT) by 36.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,490,445 shares of the asset manager’s stock after selling 1,456,694 shares during the quarter. State Street comprises about 10.3% of Metropolis Capital Ltd’s portfolio, making the stock its 3rd largest holding. Metropolis Capital Ltd’s holdings in State Street were worth $321,292,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of STT. Regents of The University of California bought a new position in State Street during the third quarter valued at approximately $324,576,000. Jones Financial Companies Lllp increased its stake in State Street by 11.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock worth $24,139,000 after acquiring an additional 21,810 shares during the last quarter. Machina Capital S.A.S. purchased a new stake in shares of State Street during the 3rd quarter worth approximately $2,622,000. AE Wealth Management LLC bought a new position in shares of State Street during the 3rd quarter valued at approximately $6,611,000. Finally, Impax Asset Management Group plc grew its holdings in shares of State Street by 49.2% in the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after purchasing an additional 42,198 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Price Performance

State Street stock opened at $128.84 on Monday. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $126.95 and a 200-day moving average price of $123.31. The firm has a market capitalization of $35.91 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37.

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

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. State Street’s payout ratio is presently 35.71%.

Wall Street Analyst Weigh In

A number of brokerages have commented on STT. Loop Capital set a $144.00 price objective on shares of State Street in a research note on Tuesday, January 6th. Morgan Stanley lowered their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Citigroup assumed coverage on State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

Insider Buying and Selling

In other State Street news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This represents a 22.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

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.