Janney Montgomery Scott LLC Sells 10,513 Shares of State Street Corporation $STT

Janney Montgomery Scott LLC reduced its position in shares of State Street Corporation (NYSE:STT) by 14.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 61,222 shares of the asset manager’s stock after selling 10,513 shares during the quarter. Janney Montgomery Scott LLC’s holdings in State Street were worth $7,748,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in STT. Cornerstone Wealth Group LLC boosted its position in shares of State Street by 10.0% in the first quarter. Cornerstone Wealth Group LLC now owns 2,055 shares of the asset manager’s stock valued at $260,000 after acquiring an additional 187 shares during the period. Trilogy Capital Inc. increased its position in State Street by 0.4% during the first quarter. Trilogy Capital Inc. now owns 26,630 shares of the asset manager’s stock worth $3,370,000 after acquiring an additional 115 shares during the period. Venturi Wealth Management LLC bought a new position in State Street during the first quarter worth about $222,000. Stokes Capital Advisors LLC acquired a new stake in State Street in the 1st quarter worth about $389,000. Finally, Louisiana State Employees Retirement System acquired a new stake in State Street in the 1st quarter worth about $1,797,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on STT shares. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Seaport Research Partners reiterated a “buy” rating and issued a $170.00 price target on shares of State Street in a research report on Monday, April 20th. Wells Fargo & Company boosted their price target on State Street from $171.00 to $196.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Finally, UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $166.84.

State Street Trading Down 0.1%

Shares of State Street stock opened at $170.57 on Friday. The company has a market capitalization of $47.21 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 0.92 and a beta of 1.42. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $101.98 and a 12-month high of $175.46. The firm’s 50-day moving average price is $159.83 and its two-hundred day moving average price is $140.51.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the company earned $2.04 EPS. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, analysts forecast that State Street Corporation will post 12.53 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is 34.08%.

Insider Activity

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the sale, the chief executive officer owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. This trade represents a 5.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of State Street 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 transaction, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 37,876 shares of company stock valued at $5,866,583 in the last three months. Company insiders own 0.27% of the company’s stock.

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.