Sumitomo Mitsui Trust Group Inc. Sells 27,424 Shares of State Street Corporation $STT

Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of State Street Corporation (NYSE:STT) by 4.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 654,237 shares of the asset manager’s stock after selling 27,424 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in State Street were worth $82,800,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new position in shares of State Street in the first quarter worth about $189,000. Oregon Public Employees Retirement Fund lifted its position in shares of State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after purchasing an additional 100 shares in the last quarter. Axxcess Wealth Management LLC grew its stake in shares of State Street by 69.8% during the first quarter. Axxcess Wealth Management LLC now owns 3,153 shares of the asset manager’s stock valued at $399,000 after purchasing an additional 1,296 shares during the last quarter. R Squared Ltd bought a new stake in shares of State Street during the first quarter valued at approximately $292,000. Finally, Burney Co. increased its holdings in shares of State Street by 681.7% in the first quarter. Burney Co. now owns 123,021 shares of the asset manager’s stock valued at $15,570,000 after purchasing an additional 107,283 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Up 0.2%

Shares of STT traded up $0.31 on Friday, reaching $180.47. 2,064,243 shares of the company’s stock were exchanged, compared to its average volume of 2,455,754. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $49.95 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 0.93 and a beta of 1.42. The business has a 50 day moving average price of $162.52 and a two-hundred day moving average price of $142.28. State Street Corporation has a 12 month low of $101.98 and a 12 month high of $183.32.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share 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 business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the business posted $2.04 earnings per share. State Street’s revenue was up 15.6% compared to the same quarter last year. Research analysts anticipate that State Street Corporation will post 12.75 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.9%. State Street’s dividend payout ratio is 34.08%.

Analysts Set New Price Targets

STT has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price objective on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Wells Fargo & Company lifted their target price on State Street from $171.00 to $196.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Keefe, Bruyette & Woods boosted their target price on State Street from $175.00 to $195.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 price target on shares of State Street in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $173.91.

More State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was upgraded to a Zacks Rank #2 (Buy), reflecting stronger earnings outlooks and improving sentiment heading into earnings. All You Need to Know About State Street (STT) Rating Upgrade to Buy
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on State Street to $195 from $175 and maintained an outperform rating, suggesting meaningful upside from recent levels. State Street (NYSE:STT) Given New $195.00 Price Target at Keefe, Bruyette & Woods
• Positive Sentiment: Analysts are revising expectations higher ahead of Q2 results, with consensus pointing to earnings growth and the possibility of a beat if State Street delivers on estimates. Top Wall Street Forecasters Revamp State Street Expectations Ahead Of Q2 Earnings
• Neutral Sentiment: State Street is expected to report quarterly earnings next week, and investors are focused on whether the company can confirm the improved outlook with actual results. State Street (STT) to Release Earnings on Thursday
• Neutral Sentiment: Coverage noting renewed analyst optimism and upgraded estimates may reinforce the bullish setup, but it does not add new company-specific fundamentals by itself. How Investors May Respond To State Street (STT) Renewed Analyst Optimism And Upgraded Earnings Estimates

Insider Buying and Selling

In related news, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the sale, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction dated 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 directly owned 43,522 shares in the company, valued at $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. In the last quarter, insiders sold 37,876 shares of company stock worth $5,866,583. Company insiders own 0.27% of the company’s stock.

State Street Company 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.