US Bancorp DE Reduces Stock Position in State Street Corporation $STT

US Bancorp DE cut its holdings in shares of State Street Corporation (NYSE:STT) by 3.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 96,712 shares of the asset manager’s stock after selling 3,879 shares during the quarter. US Bancorp DE’s holdings in State Street were worth $12,477,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of STT. Regents of The University of California purchased a new stake in State Street during the 3rd quarter worth approximately $324,576,000. Two Sigma Investments LP increased its holdings in State Street by 261.0% during the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after purchasing an additional 880,507 shares during the last quarter. First Trust Advisors LP increased its holdings in State Street by 36.8% during the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after purchasing an additional 738,456 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in State Street during the 3rd quarter worth approximately $62,092,000. Finally, Qube Research & Technologies Ltd grew its position in shares of State Street by 157.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 863,666 shares of the asset manager’s stock worth $100,194,000 after acquiring an additional 528,246 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Down 0.5%

NYSE:STT opened at $152.12 on Friday. State Street Corporation has a 12-month low of $89.19 and a 12-month high of $156.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. The business has a 50 day simple moving average of $132.73 and a 200 day simple moving average of $127.27. The firm has a market capitalization of $42.10 billion, a P/E ratio of 15.43, a P/E/G ratio of 0.83 and a beta of 1.45.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the company earned $2.04 earnings per share. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. Equities research analysts predict that State Street Corporation will post 12.31 EPS for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were issued a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. State Street’s payout ratio is 34.08%.

Insider Activity

In other news, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 28,711 shares of company stock valued at $3,933,032. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on STT. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Monday, April 20th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Argus lifted their target price on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Finally, Loop Capital set a $144.00 target price on State Street in a research report on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $154.00.

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.