Azimuth Capital Investment Management LLC Trims Stock Holdings in State Street Corporation $STT

Key Points

• Azimuth Capital Investment Management reduced its State Street stake by 14.3% in the second quarter, selling 14,648 shares and retaining 87,521 shares valued at approximately $14.8 million. Institutional investors collectively own 87.44% of the company.
• State Street reported strong quarterly results, with EPS of $3.65 versus the $3.34 consensus and revenue of $4.05 billion, up 23.3% year over year. The company also increased its quarterly dividend from $0.84 to $0.92 per share.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and a $185.38 average price target, while shares recently traded near their 52-week high at $194.41.

Azimuth Capital Investment Management LLC lessened its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 14.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,521 shares of the asset manager's stock after selling 14,648 shares during the period. Azimuth Capital Investment Management LLC's holdings in State Street were worth $14,844,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Western Wealth Management LLC grew its holdings in State Street by 3.1% in the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager's stock worth $253,000 after purchasing an additional 60 shares during the period. Arjuna Capital raised its position in shares of State Street by 0.4% in the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock worth $3,243,000 after purchasing an additional 95 shares during the last quarter. CX Institutional boosted its stake in State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager's stock worth $1,660,000 after purchasing an additional 98 shares in the last quarter. Greenleaf Trust grew its position in State Street by 0.6% during the 2nd quarter. Greenleaf Trust now owns 17,295 shares of the asset manager's stock valued at $2,933,000 after purchasing an additional 99 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock valued at $4,053,000 after purchasing an additional 100 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 0.2%

NYSE STT opened at $194.41 on Friday. The stock's 50-day moving average price is $184.53 and its 200-day moving average price is $158.08. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.93. The company has a market capitalization of $53.40 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 0.92 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm's revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.04 EPS. On average, equities research analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

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

Insider Buying and Selling

In other State Street news, EVP W. Hu sold 9,758 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Richards sold 1,500 shares of the firm'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 sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 25,811 shares of company stock valued at $4,723,982. Company insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

STT has been the topic of a number of recent analyst reports. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Morgan Stanley increased their price objective on State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. The Goldman Sachs Group lifted their price objective on State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Keefe, Bruyette & Woods boosted their target price on State Street from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Friday, July 17th. Finally, Royal Bank Of Canada raised their target price on shares of State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a report on Friday, July 17th. Two 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 company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $185.38.

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.

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