State Street Corporation $STT Holdings Lowered by Waverly Advisors LLC

Waverly Advisors LLC reduced its stake in State Street Corporation (NYSE:STT) by 7.4% in the second quarter, HoldingsChannel reports. The fund owned 36,385 shares of the asset manager’s stock after selling 2,895 shares during the quarter. Waverly Advisors LLC’s holdings in State Street were worth $6,171,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. IFM Investors Pty Ltd lifted its holdings in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after buying an additional 7,469 shares during the period. New York State Teachers Retirement System grew its holdings in State Street by 9.7% during the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after acquiring an additional 26,862 shares during the period. Illinois Municipal Retirement Fund raised its position in State Street by 18.3% in the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock worth $10,856,000 after acquiring an additional 13,245 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new stake in State Street in the fourth quarter worth about $935,000. Finally, Global Retirement Partners LLC lifted its holdings in State Street by 476.7% in the 4th quarter. Global Retirement Partners LLC now owns 8,478 shares of the asset manager’s stock valued at $1,094,000 after acquiring an additional 7,008 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on STT shares. Wells Fargo & Company raised their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. The Goldman Sachs Group boosted their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Morgan Stanley raised their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Citigroup lifted their price target on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of State Street in a report on Tuesday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Performance

Shares of STT opened at $191.64 on Friday. The company has a 50-day moving average of $186.32 and a two-hundred day moving average of $160.10. The stock has a market cap of $52.64 billion, a price-to-earnings ratio of 16.90, a PEG ratio of 0.91 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corporation has a one year low of $104.64 and a one year high of $195.93.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm earned $2.04 EPS. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. On average, equities research analysts expect that State Street Corporation will post 13.76 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio is presently 29.63%.

State Street News Roundup

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

• Positive Sentiment: State Street appointed Tim Helyar as head of Asia Pacific, effective September 10. The move could support growth and client relationships in a strategically important region, although no financial targets were provided. State Street appoints Tim Helyar as Head of Asia Pacific
• Neutral Sentiment: State Street and its asset-management and custody subsidiaries reported ceasing to be substantial holders in several Australian and U.K. companies, including IDP Education, Inghams Group, Sims, Breville Group, Greatland Resources, Amotiv, Austal, Elsight, Service Stream and Smartgroup. These filings primarily reflect client portfolio rebalancing or changes in managed positions, rather than a change in State Street’s operating outlook. State Street holding disclosures
• Neutral Sentiment: The SPDR Straits Times Index ETF reiterated its index-tracking mandate and investor-risk disclosures. The update is routine for State Street’s ETF business and does not indicate a material change in strategy. SPDR Straits Times Index ETF update
• Negative Sentiment: Harbor Mid Cap Value Fund reduced its State Street position after the shares appreciated. The transaction may create limited selling pressure and suggests at least one institutional investor is taking profits, but it does not represent a change in State Street’s business outlook. Harbor Mid Cap Value Fund trimmed State Street

Insiders Place Their Bets

In other State Street news, EVP W. Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company’s stock.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.