Janney Montgomery Scott LLC Sells 10,513 Shares of State Street Corporation $STT

Key Points

• Janney Montgomery Scott LLC reduced its State Street stake by 14.7% in the first quarter, selling 10,513 shares and leaving it with 61,222 shares valued at about $7.75 million.
• State Street reported strong quarterly results, with EPS of $2.84 beating estimates and revenue of $3.80 billion topping expectations; revenue rose 15.6% year over year.
• The company declared a quarterly dividend of $0.84 per share to be paid July 13, representing a 2.0% annualized yield, while analysts currently hold a Moderate Buy consensus on the stock.

Janney Montgomery Scott LLC cut its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 14.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,222 shares of the asset manager's stock after selling 10,513 shares during the quarter. Janney Montgomery Scott LLC's holdings in State Street were worth $7,748,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Wilkerson Advisory Group LLC acquired a new stake in shares of State Street in the fourth quarter valued at about $29,000. JPL Wealth Management LLC acquired a new position in State Street during the third quarter valued at approximately $29,000. Phillip James Consulting Co. acquired a new position in State Street during the fourth quarter valued at approximately $30,000. Reflection Asset Management bought a new position in State Street in the fourth quarter valued at approximately $35,000. Finally, Measured Wealth Private Client Group LLC bought a new position in State Street in the third quarter valued at approximately $35,000. 87.44% of the stock is owned by institutional investors.

State Street Price Performance

NYSE:STT opened at $170.57 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock's 50 day moving average price is $159.83 and its two-hundred day moving average price is $140.51. The firm has a market capitalization of $47.21 billion, a price-to-earnings ratio of 17.30, a P/E/G ratio of 0.92 and a beta of 1.42. State Street Corporation has a 12-month low of $101.98 and a 12-month high of $175.46.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.04 EPS. On average, analysts anticipate that State Street Corporation will post 12.53 earnings per share for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.0%. State Street's dividend payout ratio (DPR) is currently 34.08%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on STT. Weiss Ratings upgraded State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, May 28th. Wells Fargo & Company raised their target price on shares of State Street from $171.00 to $196.00 and gave the company an "overweight" rating in a research note on Wednesday, June 24th. Evercore set a $158.00 target price on shares of State Street and gave the stock an "outperform" rating in a report on Monday, April 20th. The Goldman Sachs Group upped their price target on shares of State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Zacks Research cut shares of State Street from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $166.84.

Insider Activity at State Street

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer directly owned 64,642 shares of the company's stock, valued at $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the company's stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by company insiders.

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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