AEGON ASSET MANAGEMENT UK Plc Sells 95,941 Shares of State Street Corporation $STT

Key Points

• AEGON Asset Management UK Plc cut its State Street stake by 22.2% in Q1, selling 95,941 shares and leaving it with 336,003 shares valued at about $42.5 million.
• State Street reported strong quarterly results, with EPS of $2.84 topping estimates and revenue of $3.80 billion, up 15.6% year over year.
• The company also announced a quarterly dividend of $0.84 per share to be paid July 13, while analysts remain mostly positive with a consensus Moderate Buy rating.

AEGON ASSET MANAGEMENT UK Plc lessened its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 22.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 336,003 shares of the asset manager's stock after selling 95,941 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned 0.12% of State Street worth $42,525,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wilkerson Advisory Group LLC acquired a new stake in State Street in the fourth quarter worth $29,000. JPL Wealth Management LLC acquired a new position in shares of State Street during the third quarter valued at about $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street during the fourth quarter valued at about $30,000. Reflection Asset Management bought a new position in shares of State Street during the 4th quarter worth about $35,000. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of State Street during the 3rd quarter worth about $35,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Up 0.2%

Shares of NYSE STT opened at $168.72 on Friday. The stock has a market capitalization of $46.70 billion, a P/E ratio of 17.11, a P/E/G ratio of 0.92 and a beta of 1.43. The company has a 50-day moving average price of $154.68 and a 200-day moving average price of $137.25. State Street Corporation has a 1 year low of $99.00 and a 1 year high of $174.66. 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 - Get Free Report) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping 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 the consensus estimate of $3.59 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. The firm's revenue for the quarter was up 15.6% on a year-over-year basis. On average, equities research analysts forecast that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. 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 payout ratio is currently 34.08%.

Insider Buying and Selling

In related news, EVP W. Bradford Hu sold 9,212 shares of State Street stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the transaction, the executive vice president owned 59,552 shares of the company's stock, valued at $9,251,403.20. The trade was a 13.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 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 $39,693,789.20. This trade represents a 5.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 37,876 shares of company stock valued at $5,866,583. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

STT has been the subject of several research reports. Keefe, Bruyette & Woods raised their target price on State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a research note on Monday, April 20th. The Goldman Sachs Group upped their price target on State Street from $152.00 to $168.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Seaport Research Partners reiterated a "buy" rating and issued a $170.00 price target on shares of State Street in a report on Monday, April 20th. Zacks Research raised State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 21st. Finally, Barclays set a $165.00 price objective on State Street in a report on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of "Moderate Buy" and a consensus target price of $158.57.

About State Street

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.

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