State Street Corporation $STT Stock Holdings Lessened by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its State Street stake by 25.5% in the fourth quarter, selling 2.18 million shares and leaving it with 6.38 million shares worth about $822.9 million.
• Several analysts remain positive on State Street, with firms like Wells Fargo and Goldman Sachs raising price targets; the stock currently carries a Moderate Buy consensus and an average target of $158.57.
• State Street reported stronger-than-expected quarterly results, posting EPS of $2.84 and revenue of $3.80 billion, and it also announced a quarterly dividend of $0.84 per share payable July 13.

JPMorgan Chase & Co. trimmed its stake in State Street Corporation (NYSE:STT - Free Report) by 25.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,378,525 shares of the asset manager's stock after selling 2,180,423 shares during the quarter. JPMorgan Chase & Co. owned 2.28% of State Street worth $822,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. JPL Wealth Management LLC purchased a new stake in shares of State Street in the third quarter worth approximately $29,000. Board of the Pension Protection Fund purchased a new stake in shares of State Street in the fourth quarter worth approximately $39,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of State Street in the third quarter worth approximately $35,000. Ameriflex Group Inc. lifted its position in shares of State Street by 102.5% in the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock worth $37,000 after purchasing an additional 161 shares in the last quarter. Finally, Stance Capital LLC purchased a new stake in shares of State Street in the third quarter worth approximately $44,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wells Fargo & Company increased their price objective on State Street from $162.00 to $171.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Bank of America upgraded State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price objective on the stock in a report on Monday, April 6th. Weiss Ratings upgraded State Street from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, May 28th. The Goldman Sachs Group increased their price objective on State Street from $152.00 to $168.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Finally, Argus increased their price objective on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $158.57.

Insider Buying and Selling

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the company's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction 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 $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 255,512 shares of the company's stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 37,876 shares of company stock worth $5,866,583 over the last ninety days. Company insiders own 0.27% of the company's stock.

State Street Stock Up 0.7%

Shares of State Street stock opened at $162.95 on Wednesday. The stock has a market capitalization of $45.10 billion, a P/E ratio of 16.53, a PEG ratio of 0.88 and a beta of 1.43. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average price of $148.51 and a two-hundred day moving average price of $134.50. State Street Corporation has a 12-month low of $95.67 and a 12-month high of $164.05.

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, topping analysts' consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company's revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 earnings per share. Equities analysts expect that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.1%. State Street's dividend payout ratio is presently 34.08%.

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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