Grantham Mayo Van Otterloo & Co. LLC Sells 48,577 Shares of State Street Corporation $STT

Key Points

• Grantham Mayo Van Otterloo & Co. LLC cut its stake in State Street by 18.1% in Q3, selling 48,577 shares and leaving the firm with 220,098 shares worth about $25.53 million (0.08% ownership).
• State Street beat quarterly estimates with EPS of $2.97 vs. $2.82 expected and revenue of $3.67B (up 7.5% YoY), and declared a quarterly dividend of $0.84 (annualized $3.36, ~2.8% yield; ex-dividend Apr 1).
• Analyst sentiment is broadly positive with a consensus "Moderate Buy" rating and an average target price of $135.83 (1 Strong Buy, 9 Buy, 2 Hold, 1 Sell).

Grantham Mayo Van Otterloo & Co. LLC lowered its position in State Street Corporation (NYSE:STT - Free Report) by 18.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 220,098 shares of the asset manager's stock after selling 48,577 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC owned 0.08% of State Street worth $25,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. True Wealth Design LLC increased its position in State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager's stock valued at $29,000 after acquiring an additional 158 shares during the period. Flagship Wealth Advisors LLC acquired a new position in shares of State Street during the third quarter worth $35,000. SJS Investment Consulting Inc. grew its stake in shares of State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager's stock worth $36,000 after purchasing an additional 300 shares during the last quarter. Ameriflex Group Inc. increased its holdings in State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock valued at $37,000 after purchasing an additional 161 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC increased its holdings in State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager's stock valued at $39,000 after purchasing an additional 94 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STT has been the topic of a number of analyst reports. Morgan Stanley reduced their price target on State Street from $168.00 to $164.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 20th. TD Cowen reaffirmed a "buy" rating on shares of State Street in a research note on Wednesday, January 7th. The Goldman Sachs Group reiterated a "buy" rating on shares of State Street in a report on Tuesday, January 6th. Citigroup began coverage on shares of State Street in a research report on Monday, February 23rd. They set a "buy" rating and a $150.00 target price for the company. Finally, Weiss Ratings restated a "buy (b)" rating on shares of State Street in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $135.83.

State Street Stock Performance

STT stock opened at $120.85 on Monday. The stock has a 50-day moving average price of $129.61 and a 200-day moving average price of $121.80. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The firm has a market cap of $33.68 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.06 and a beta of 1.43.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the previous year, the business earned $2.60 EPS. The firm's revenue was up 7.5% compared to the same quarter last year. As a group, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.8%. State Street's payout ratio is 35.71%.

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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