Pictet Asset Management Holding SA Decreases Stock Position in State Street Corporation $STT

Key Points

• Pictet Asset Management Holding SA reduced its State Street stake by 4.3% in the first quarter, selling 7,516 shares and ending with 166,605 shares valued at about $21.1 million.
• Several analysts turned more positive on State Street (NYSE: STT), with multiple firms raising price targets; the stock now has a consensus rating of Moderate Buy and an average target price of $166.84.
• State Street reported better-than-expected Q1 earnings of $2.84 per share on revenue of $3.80 billion, and it also announced a quarterly dividend of $0.84 per share, yielding about 2.0%.

Pictet Asset Management Holding SA cut its holdings in State Street Corporation (NYSE:STT - Free Report) by 4.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 166,605 shares of the asset manager's stock after selling 7,516 shares during the quarter. Pictet Asset Management Holding SA owned 0.06% of State Street worth $21,086,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of STT. Wilkerson Advisory Group LLC bought a new position in shares of State Street during the fourth quarter valued at $29,000. Phillip James Consulting Co. bought a new stake in State Street in the 4th quarter worth about $30,000. JPL Wealth Management LLC purchased a new position in State Street in the 3rd quarter worth about $29,000. Reflection Asset Management purchased a new position in State Street in the 4th quarter worth about $35,000. Finally, Board of the Pension Protection Fund bought a new position in State Street during the 4th quarter valued at about $39,000. Institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on STT shares. Keefe, Bruyette & Woods lifted their price target on shares of State Street from $157.00 to $175.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Evercore set a $158.00 price objective on shares of State Street and gave the company an "outperform" rating in a research report on Monday, April 20th. Seaport Research Partners reaffirmed a "buy" rating and issued a $170.00 target price on shares of State Street in a research report on Monday, April 20th. Morgan Stanley boosted their target price on shares of State Street from $166.00 to $183.00 and gave the company an "overweight" rating in a research note on Monday. Finally, JPMorgan Chase & Co. increased their price target on State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $166.84.

Insider Buying and Selling

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the company's stock in a transaction dated 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 owned 255,512 shares in the company, valued at $39,693,789.20. This 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 hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the firm's stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 37,876 shares of company stock valued at $5,866,583 in the last 90 days. 0.27% of the stock is owned by company insiders.

State Street Stock Performance

STT opened at $169.66 on Thursday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a market cap of $46.96 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 0.91 and a beta of 1.42. The company's 50 day moving average is $159.12 and its 200 day moving average is $139.99. 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 announced its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. During the same period in the prior year, the company earned $2.04 earnings per share. The firm's revenue was up 15.6% on a year-over-year basis. On average, equities research analysts predict that State Street Corporation will post 12.53 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed 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. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street's dividend payout ratio is 34.08%.

About State Street

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.