Stock Yards Bank & Trust Co. Trims Stock Holdings in State Street Co. (NYSE:STT)

Stock Yards Bank & Trust Co. lessened its position in shares of State Street Co. (NYSE:STT) by 22.0% during the first quarter, HoldingsChannel reports. The institutional investor owned 7,498 shares of the asset manager’s stock after selling 2,119 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in State Street were worth $671,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of STT. Brighton Jones LLC bought a new position in State Street during the 4th quarter worth approximately $296,000. Kingsview Wealth Management LLC increased its position in State Street by 8.6% in the 4th quarter. Kingsview Wealth Management LLC now owns 2,667 shares of the asset manager’s stock valued at $262,000 after acquiring an additional 211 shares during the period. Empowered Funds LLC increased its position in State Street by 47.4% in the 4th quarter. Empowered Funds LLC now owns 7,267 shares of the asset manager’s stock valued at $708,000 after acquiring an additional 2,338 shares during the period. Kestra Private Wealth Services LLC increased its position in shares of State Street by 49.7% during the 4th quarter. Kestra Private Wealth Services LLC now owns 4,704 shares of the asset manager’s stock valued at $462,000 after purchasing an additional 1,561 shares during the period. Finally, Asset Management One Co. Ltd. increased its position in shares of State Street by 3.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 141,862 shares of the asset manager’s stock valued at $13,983,000 after purchasing an additional 4,822 shares during the period. Institutional investors own 87.44% of the company’s stock.

State Street Stock Down 1.6%

Shares of STT opened at $96.05 on Friday. The company has a market capitalization of $27.39 billion, a P/E ratio of 11.66, a PEG ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The business’s 50 day simple moving average is $91.21 and its 200-day simple moving average is $94.03.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter in the prior year, the business earned $1.69 EPS. As a group, sell-side analysts predict that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street’s payout ratio is 34.12%.

Insider Buying and Selling at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the company’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer now owns 7,354 shares in the company, valued at $667,154.88. This represents a 15.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Cfra Research lowered State Street from a “moderate buy” rating to a “hold” rating in a research note on Thursday, May 29th. Evercore ISI reduced their price objective on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Keefe, Bruyette & Woods cut their target price on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Citigroup dropped their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Finally, Morgan Stanley set a $110.00 price target on State Street and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $102.54.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.