MetLife Investment Management LLC Sells 2,582 Shares of State Street Corporation $STT

Key Points

• MetLife Investment Management LLC reduced its stake in State Street Corporation by 3.3%, selling 2,582 shares and holding a total of 74,998 shares valued at approximately $6.7 million.
• Several hedge funds have recently adjusted their positions in State Street, with institutional investors now owning 87.44% of the company's stock.
• State Street announced a quarterly dividend increase to $0.84 per share, reflecting a positive change from the previous dividend of $0.76.

MetLife Investment Management LLC decreased its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 74,998 shares of the asset manager's stock after selling 2,582 shares during the quarter. MetLife Investment Management LLC's holdings in State Street were worth $6,715,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in STT. Brighton Jones LLC bought a new stake in State Street during the 4th quarter valued at approximately $296,000. MML Investors Services LLC lifted its position in shares of State Street by 5.9% in the 4th quarter. MML Investors Services LLC now owns 11,895 shares of the asset manager's stock worth $1,168,000 after acquiring an additional 659 shares during the period. MGO One Seven LLC bought a new stake in shares of State Street in the 4th quarter worth approximately $247,000. Integrated Wealth Concepts LLC lifted its position in shares of State Street by 6.9% in the 4th quarter. Integrated Wealth Concepts LLC now owns 7,539 shares of the asset manager's stock worth $740,000 after acquiring an additional 488 shares during the period. Finally, Coldstream Capital Management Inc. lifted its position in shares of State Street by 8.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 4,883 shares of the asset manager's stock worth $479,000 after acquiring an additional 369 shares during the period. Institutional investors own 87.44% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Morgan Stanley raised their price objective on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Bank of America raised their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Evercore ISI raised their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company raised their price objective on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Citigroup raised their price objective on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $112.82.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

State Street Trading Down 0.7%

Shares of STT opened at $114.98 on Thursday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $116.37. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a 50 day simple moving average of $109.44 and a 200-day simple moving average of $97.80. The stock has a market cap of $32.62 billion, a PE ratio of 12.88, a PEG ratio of 1.14 and a beta of 1.48.

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

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is 34.04%.

State Street Company Profile

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.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.