Man Group plc Has $110.41 Million Stake in State Street Corporation $STT

Key Points

• Man Group plc cut its stake in State Street Corporation by 50.8% in the fourth quarter, leaving it with 855,843 shares valued at about $110.4 million.
• State Street reported strong quarterly results, posting $2.84 EPS versus estimates of $2.64 and $3.80 billion in revenue, with revenue up 15.6% year over year.
• The company announced a quarterly dividend of $0.84 per share, payable July 13, while analysts currently rate the stock a Moderate Buy with an average price target of $158.57.

Man Group plc trimmed its position in State Street Corporation (NYSE:STT - Free Report) by 50.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 855,843 shares of the asset manager's stock after selling 882,080 shares during the quarter. Man Group plc owned 0.31% of State Street worth $110,412,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Chicago Partners Investment Group LLC raised its stake in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager's stock valued at $675,000 after purchasing an additional 83 shares in the last quarter. Wedmont Private Capital raised its stake in State Street by 1.3% during the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager's stock worth $861,000 after acquiring an additional 85 shares in the last quarter. Arjuna Capital raised its stake in State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock worth $3,243,000 after acquiring an additional 95 shares in the last quarter. LVW Advisors LLC raised its stake in State Street by 1.7% during the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager's stock worth $723,000 after acquiring an additional 96 shares in the last quarter. Finally, Security National Bank of SO Dak raised its stake in State Street by 0.5% during the second quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager's stock worth $2,289,000 after acquiring an additional 105 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the sale, the chief executive officer directly owned 255,512 shares in the company, valued at approximately $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares of the company's stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on STT. Barclays set a $165.00 price objective on State Street in a research note on Monday, April 20th. Argus increased their price objective on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Evercore set a $158.00 price objective on State Street and gave the stock an "outperform" rating in a research note on Monday, April 20th. Weiss Ratings upgraded State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, May 28th. Finally, Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, State Street presently has a consensus rating of "Moderate Buy" and an average price target of $158.57.

State Street Stock Performance

Shares of NYSE:STT opened at $171.14 on Thursday. State Street Corporation has a twelve month low of $96.27 and a twelve month high of $174.03. The firm has a market cap of $47.37 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 0.94 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The business has a fifty day moving average of $153.27 and a 200-day moving average of $136.68.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the company posted $2.04 earnings per share. The firm's quarterly revenue was up 15.6% compared to the same quarter last year. On average, equities research analysts predict that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Announces Dividend

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

State Street 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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