State Street Corporation $STT Stock Holdings Lowered by Geode Capital Management LLC

Key Points

• Geode Capital Management slightly cut its State Street position in the fourth quarter, selling 46,599 shares and leaving it with 7.39 million shares valued at about $949.9 million.
• Insiders also sold stock, including EVP Michael L. Richards and COO Mostapha Tahiri, bringing total insider sales over the last three months to 52,476 shares worth $7.6 million.
• State Street reported solid quarterly results, beating EPS and revenue estimates, and it also declared a $0.84 quarterly dividend, equal to a 2.2% annual yield.

Geode Capital Management LLC trimmed its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 0.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,391,620 shares of the asset manager's stock after selling 46,599 shares during the period. Geode Capital Management LLC owned about 2.65% of State Street worth $949,905,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. JPL Wealth Management LLC bought a new position in shares of State Street in the third quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new position in shares of State Street in the 3rd quarter worth $35,000. Ameriflex Group Inc. grew its holdings in shares of State Street by 102.5% in the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock worth $37,000 after acquiring an additional 161 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager's stock worth $39,000 after purchasing an additional 94 shares during the period. Finally, Board of the Pension Protection Fund purchased a new stake in shares of State Street during the fourth quarter valued at $39,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the firm's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of the business's stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer directly 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 SEC filing for this sale provides additional information. Insiders sold a total of 52,476 shares of company stock valued at $7,624,925 over the last three months. Company insiders own 0.27% of the company's stock.

State Street Stock Down 1.3%

Shares of STT opened at $155.63 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The company has a 50-day simple moving average of $143.30 and a 200-day simple moving average of $132.22. State Street Corporation has a 52 week low of $94.72 and a 52 week high of $159.31. The firm has a market capitalization of $43.07 billion, a P/E ratio of 15.78, a P/E/G ratio of 0.86 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company's quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.04 earnings per share. On average, equities research analysts expect that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued 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 of this dividend is Wednesday, July 1st. State Street's dividend payout ratio (DPR) is currently 34.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Evercore set a $158.00 price target on State Street and gave the stock an "outperform" rating in a research note on Monday, April 20th. JPMorgan Chase & Co. boosted their price target on shares of State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a report on Monday, May 11th. Weiss Ratings raised shares of State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday. Citigroup lifted their price objective 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. Finally, Barclays set a $165.00 target price on shares of State Street in a research note on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $158.57.

Key Stories Impacting State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was highlighted as one of the better-positioned names in the regional banks/financials group, with analysts citing favorable industry trends such as restructuring, acquisitions, digitization, loan demand, and lower rates as potential tailwinds for growth. Article Title
• Positive Sentiment: State Street Investment Management announced it will close and liquidate the EMTL ETF, which can be read as disciplined product management and a focus on pruning weaker offerings to improve capital efficiency. Article Title
• Neutral Sentiment: State Street announced that CFO John Woods will present at the Morgan Stanley U.S. Financials Conference on June 10. The event may provide updates on strategy and outlook, but it is not a direct business catalyst by itself. Article Title
• Neutral Sentiment: State Street’s entities ceased to be substantial holders in several Australian companies, reflecting portfolio ownership changes that do not appear material to State Street’s own earnings power. Article Title
• Negative Sentiment: CEO Ronald P. Hanley and EVP W. Bradford Hu both sold shares under pre-arranged 10b5-1 plans. While routine, insider selling can still pressure sentiment when the stock is trading close to recent highs. Article Title

State Street 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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