State Street Corporation $STT Shares Sold by Cooke & Bieler LP

Key Points

• Cooke & Bieler LP cut its State Street stake by 16.2% in the fourth quarter, selling 176,878 shares and ending with 913,434 shares valued at about $117.8 million.
• State Street reported strong quarterly results, with EPS of $2.84 topping estimates and revenue of $3.80 billion, up 15.6% year over year.
• The company also declared a quarterly dividend of $0.84 per share, implying an annualized yield of 2.2%, while analysts currently rate the stock a Moderate Buy with a consensus target price of $155.77.

Cooke & Bieler LP trimmed its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 16.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 913,434 shares of the asset manager's stock after selling 176,878 shares during the period. Cooke & Bieler LP owned about 0.33% of State Street worth $117,842,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Franklin Resources Inc. raised its stake in shares of State Street by 3.7% in the 3rd quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager's stock valued at $447,684,000 after acquiring an additional 137,049 shares during the period. Nordea Investment Management AB increased its holdings in State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock valued at $367,041,000 after purchasing an additional 377,568 shares in the last quarter. Regents of The University of California purchased a new position in State Street in the third quarter valued at about $324,576,000. First Trust Advisors LP raised its position in State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager's stock valued at $318,754,000 after purchasing an additional 738,456 shares during the period. Finally, Barclays PLC lifted its stake in shares of State Street by 27.7% during the third quarter. Barclays PLC now owns 1,576,332 shares of the asset manager's stock worth $182,870,000 after purchasing an additional 342,344 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE STT opened at $153.96 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a fifty-two week low of $94.19 and a fifty-two week high of $156.18. The business has a 50 day moving average price of $140.38 and a two-hundred day moving average price of $131.20. The firm has a market cap of $42.61 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45.

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 (EPS) 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 for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the company posted $2.04 EPS. State Street's quarterly revenue was up 15.6% on a year-over-year basis. Sell-side analysts expect that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Wednesday, July 1st. State Street's dividend payout ratio is 34.08%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Argus increased their target price on State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research note on Tuesday, April 21st. Weiss Ratings reissued a "buy (b)" rating on shares of State Street in a research report 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. Royal Bank Of Canada lifted their price objective on shares of State Street from $135.00 to $155.00 and gave the company a "sector perform" rating in a research note on Monday, April 20th. Finally, Citigroup boosted their target price on shares of State Street from $150.00 to $172.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $155.77.

Insiders Place Their Bets

In other news, COO Mostapha Tahiri sold 9,611 shares of the business's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares of the company's stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the transaction, the executive vice president owned 56,162 shares of the company's stock, valued at $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,711 shares of company stock valued at $3,933,032 in the last ninety days. Corporate insiders own 0.27% of the company's stock.

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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