State Street Corporation (NYSE:STT) Shares Sold by Sienna Gestion

Key Points

• Sienna Gestion reduced its stake in State Street Corporation by 5.6%, holding 83,574 shares worth $7.27 million after selling 4,955 shares in the first quarter.
• State Street announced an increase in its quarterly dividend to $0.84 per share, a rise from the previous $0.76, indicating a 3.0% yield for investors.
• Analysts have set a consensus target price of $112.00 for State Street, with recent ratings showing one sell, five holds, and seven buy recommendations.

Sienna Gestion trimmed its position in shares of State Street Corporation (NYSE:STT - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 83,574 shares of the asset manager's stock after selling 4,955 shares during the quarter. Sienna Gestion's holdings in State Street were worth $7,273,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of State Street by 4.3% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,141 shares of the asset manager's stock valued at $818,000 after buying an additional 374 shares during the last quarter. National Pension Service lifted its position in shares of State Street by 2.6% during the first quarter. National Pension Service now owns 491,754 shares of the asset manager's stock valued at $44,027,000 after buying an additional 12,325 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of State Street by 6.2% during the first quarter. Russell Investments Group Ltd. now owns 418,408 shares of the asset manager's stock valued at $37,448,000 after buying an additional 24,387 shares during the last quarter. Prudential PLC lifted its position in shares of State Street by 1,045.2% during the first quarter. Prudential PLC now owns 63,762 shares of the asset manager's stock valued at $5,709,000 after buying an additional 58,194 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its position in shares of State Street by 5.5% during the first quarter. Resona Asset Management Co. Ltd. now owns 93,106 shares of the asset manager's stock valued at $8,329,000 after buying an additional 4,862 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Performance

State Street stock traded down $2.51 during mid-day trading on Friday, hitting $111.09. The company had a trading volume of 1,291,661 shares, compared to its average volume of 1,808,919. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $114.28. The company has a market capitalization of $31.52 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.22 and a beta of 1.48. 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 company's fifty day moving average is $106.93 and its 200-day moving average is $97.03.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter last year, the firm posted $2.15 EPS. The business's revenue was up 2.9% on a year-over-year basis. Equities research analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm 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 is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. State Street's payout ratio is 37.63%.

Analyst Ratings Changes

STT has been the topic of several recent analyst reports. Barclays cut their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Bank of America upped their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their price objective 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. Evercore ISI upped their price objective on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Finally, Citigroup upped their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $112.82.

Insider Activity

In other State Street 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 value 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 trade represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.29% of the stock is owned by company insiders.

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.