Bessemer Group Inc. Cuts Holdings in State Street Corporation (NYSE:STT)

Bessemer Group Inc. decreased its position in State Street Corporation (NYSE:STT - Free Report) by 72.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,862 shares of the asset manager's stock after selling 38,974 shares during the period. Bessemer Group Inc.'s holdings in State Street were worth $1,330,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Pacific Financial purchased a new position in State Street in the first quarter valued at $25,000. Asset Management One Co. Ltd. increased its stake in shares of State Street by 4.9% during the first quarter. Asset Management One Co. Ltd. now owns 148,854 shares of the asset manager's stock worth $13,327,000 after purchasing an additional 6,992 shares in the last quarter. Brown Lisle Cummings Inc. increased its stake in shares of State Street by 35.6% during the first quarter. Brown Lisle Cummings Inc. now owns 1,708 shares of the asset manager's stock worth $153,000 after purchasing an additional 448 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in shares of State Street by 40.7% during the first quarter. Flagship Harbor Advisors LLC now owns 3,899 shares of the asset manager's stock worth $349,000 after purchasing an additional 1,128 shares in the last quarter. Finally, Burt Wealth Advisors increased its stake in shares of State Street by 10.0% during the first quarter. Burt Wealth Advisors now owns 3,300 shares of the asset manager's stock worth $295,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Analyst Ratings Changes

STT has been the subject of a number of research reports. Keefe, Bruyette & Woods cut their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Bank of America boosted their target price on shares of State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 2nd. Cfra Research cut shares of State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. Wall Street Zen cut shares of State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Finally, Barclays dropped their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $102.54.

State Street Stock Performance

NYSE:STT opened at $106.02 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market capitalization of $30.24 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 1.24 and a beta of 1.45. The company's 50-day moving average is $95.40 and its two-hundred day moving average is $94.16. State Street Corporation has a 1-year low of $72.65 and a 1-year high of $106.06.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same period in the prior year, the business posted $1.69 EPS. Analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street's payout ratio is currently 34.12%.

Insider Buying and Selling

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer now directly owns 7,354 shares of the company's stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.29% of the stock is owned by insiders.

About State Street

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.

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