Letko Brosseau & Associates Inc. Cuts Stock Holdings in State Street Corporation $STT

Letko Brosseau & Associates Inc. trimmed its position in shares of State Street Corporation (NYSE:STT) by 2.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 668,226 shares of the asset manager’s stock after selling 13,900 shares during the quarter. State Street accounts for approximately 1.4% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 25th largest holding. Letko Brosseau & Associates Inc. owned about 0.24% of State Street worth $86,208,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. JPL Wealth Management LLC purchased a new position in State Street during the 3rd quarter worth $29,000. Board of the Pension Protection Fund purchased a new position in State Street during the 4th quarter worth $39,000. Measured Wealth Private Client Group LLC purchased a new position in State Street during the 3rd quarter worth $35,000. Ameriflex Group Inc. boosted its holdings in State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after acquiring an additional 161 shares during the last quarter. Finally, Stance Capital LLC purchased a new position in State Street during the 3rd quarter worth $44,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,212 shares of the business’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 sale, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods lifted their target price on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Evercore set a $158.00 target price on State Street and gave the stock an “outperform” rating in a research note on Monday, April 20th. Morgan Stanley lifted their target price on State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a research note on Monday, April 6th. Finally, Citigroup lifted their target price on State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and an average target price of $158.57.

State Street Trading Up 0.7%

NYSE STT opened at $162.95 on Wednesday. State Street Corporation has a one year low of $95.67 and a one year high of $164.05. The business’s fifty day moving average is $148.51 and its 200-day moving average is $134.50. The stock has a market capitalization of $45.10 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 0.88 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the business posted $2.04 EPS. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. Equities research analysts predict that State Street Corporation will post 12.35 EPS for the current 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 2.1%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is currently 34.08%.

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.