State Street Corporation (NYSE:STT) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. lowered its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 72.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,862 shares of the asset manager's stock after selling 38,974 shares during the quarter. Bessemer Group Inc.'s holdings in State Street were worth $1,330,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of STT. First Pacific Financial acquired a new stake in State Street in the 1st quarter valued at about $25,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of State Street during the fourth quarter worth approximately $42,000. Coppell Advisory Solutions LLC raised its holdings in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after acquiring an additional 412 shares in the last quarter. MV Capital Management Inc. raised its holdings in State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after acquiring an additional 251 shares in the last quarter. Finally, Loomis Sayles & Co. L P lifted its stake in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock worth $47,000 after acquiring an additional 311 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

STT stock traded up $0.82 during trading on Thursday, hitting $110.31. The company had a trading volume of 1,166,677 shares, compared to its average volume of 2,106,368. State Street Corporation has a 1-year low of $72.65 and a 1-year high of $110.65. The firm has a 50-day moving average price of $96.86 and a 200-day moving average price of $94.40. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The firm has a market cap of $31.46 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 1.25 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same quarter in the previous year, the company posted $1.69 earnings per share. On average, analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street's dividend payout ratio (DPR) is presently 34.12%.

Insider Buying and Selling at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares in the company, valued at $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on STT shares. Wells Fargo & Company decreased their price objective on shares of State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Evercore ISI upped their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday. Bank of America increased their price objective on State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their target price on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Finally, Morgan Stanley increased their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $106.46.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.