First Trust Advisors LP Sells 392,459 Shares of State Street Corp (NYSE:STT)

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First Trust Advisors LP reduced its position in shares of State Street Corp (NYSE:STT) by 75.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 124,642 shares of the asset manager’s stock after selling 392,459 shares during the period. First Trust Advisors LP’s holdings in State Street were worth $7,921,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Banque Cantonale Vaudoise boosted its holdings in shares of State Street by 21.8% during the 2nd quarter. Banque Cantonale Vaudoise now owns 21,831 shares of the asset manager’s stock worth $1,388,000 after buying an additional 3,900 shares during the period. Metropolis Capital Ltd boosted its holdings in shares of State Street by 50.0% during the 2nd quarter. Metropolis Capital Ltd now owns 1,170,936 shares of the asset manager’s stock worth $74,413,000 after buying an additional 390,253 shares during the period. Advisor Group Holdings Inc. bought a new stake in shares of State Street during the 1st quarter worth $4,238,000. FDx Advisors Inc. boosted its holdings in shares of State Street by 1,137.9% during the 1st quarter. FDx Advisors Inc. now owns 85,400 shares of the asset manager’s stock worth $862,000 after buying an additional 78,501 shares during the period. Finally, State of Alaska Department of Revenue boosted its holdings in shares of State Street by 60.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 168,414 shares of the asset manager’s stock worth $10,702,000 after buying an additional 63,723 shares during the period. 89.66% of the stock is owned by institutional investors and hedge funds.

Several analysts recently issued reports on the stock. UBS Group upped their price objective on shares of State Street from $56.00 to $59.00 and gave the stock a “neutral” rating in a report on Monday, April 20th. Credit Suisse Group increased their price target on shares of State Street from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Wells Fargo & Co increased their price target on shares of State Street from $61.00 to $75.00 in a report on Friday, June 5th. Deutsche Bank reduced their price target on shares of State Street from $68.00 to $67.00 and set a “hold” rating for the company in a report on Thursday, July 9th. Finally, Morgan Stanley reduced their price target on shares of State Street from $67.00 to $64.00 and set an “underweight” rating for the company in a report on Monday, July 20th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. State Street currently has an average rating of “Hold” and an average price target of $75.74.

Shares of State Street stock opened at $63.79 on Friday. The stock has a market capitalization of $22.35 billion, a P/E ratio of 9.62, a price-to-earnings-growth ratio of 1.08 and a beta of 1.53. The company has a quick ratio of 0.59, a current ratio of 0.54 and a debt-to-equity ratio of 0.70. The company has a 50-day simple moving average of $63.13 and a 200 day simple moving average of $64.17. State Street Corp has a 12-month low of $42.10 and a 12-month high of $85.89.

State Street (NYSE:STT) last announced its earnings results on Friday, July 17th. The asset manager reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.23. The business had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a net margin of 20.27% and a return on equity of 12.74%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $1.45 EPS. On average, equities analysts anticipate that State Street Corp will post 6.45 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Wednesday, July 1st were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Tuesday, June 30th. State Street’s dividend payout ratio (DPR) is currently 33.71%.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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

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