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Harvest Fund Management Co. Ltd Cuts Holdings in State Street Corporation (NYSE:STT)

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Key Points

  • Harvest Fund Management Co. Ltd reduced its position in State Street Corporation by 77.5% during the first quarter, lowering its holdings to 2,626 shares valued at $235,000.
  • State Street recently announced a dividend increase to $0.84 per share, up from $0.76, representing an annualized yield of 2.97%.
  • Analysts have mixed ratings for State Street, with one sell rating, five hold ratings, and seven buy ratings, and an average target price of $112.00.
  • Five stocks we like better than State Street.

Harvest Fund Management Co. Ltd lessened its position in State Street Corporation (NYSE:STT - Free Report) by 77.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,626 shares of the asset manager's stock after selling 9,069 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in State Street were worth $235,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Pacific Financial bought a new position in shares of State Street during the first quarter valued at about $25,000. Larson Financial Group LLC lifted its holdings in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the period. Coppell Advisory Solutions LLC lifted 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 worth $42,000 after buying an additional 412 shares during the period. Golden State Wealth Management LLC lifted its holdings in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after purchasing an additional 310 shares during the last quarter. Finally, Minot DeBlois Advisors LLC purchased a new position in shares of State Street during the fourth quarter valued at approximately $49,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Performance

Shares of STT stock traded down $3.20 during mid-day trading on Friday, reaching $108.55. 1,984,159 shares of the company's stock traded hands, compared to its average volume of 2,338,531. The firm has a market capitalization of $30.96 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 1.21 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a 50 day moving average price of $104.11 and a two-hundred day moving average price of $96.23. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm earned $2.15 EPS. The business's revenue was up 2.9% on a year-over-year basis. On average, research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio is 34.04%.

Insider Buying and Selling

In other 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 transaction of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company lifted their target price on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Barclays decreased their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Finally, Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $112.00.

View Our Latest Stock Analysis on STT

About State Street

(Free Report)

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.

See Also

Institutional Ownership by Quarter for State Street (NYSE:STT)

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