State Street Corporation $STT Stock Holdings Lowered by ProShare Advisors LLC

Key Points

• ProShare Advisors LLC reduced its State Street stake by 16.4% in the fourth quarter, selling 11,627 shares and leaving it with 59,202 shares worth about $7.64 million.
• Insiders have also been selling shares, including EVP John Plansky and EVP Michael L. Richards, with total insider sales over the last three months totaling 28,711 shares valued at $3.93 million.
• Analysts remain broadly positive on State Street, with a consensus rating of “Moderate Buy” and an average price target of $155.77, while the company recently beat quarterly earnings and announced a $0.84 per-share dividend.

ProShare Advisors LLC reduced its holdings in State Street Corporation (NYSE:STT - Free Report) by 16.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,202 shares of the asset manager's stock after selling 11,627 shares during the quarter. ProShare Advisors LLC's holdings in State Street were worth $7,638,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPL Wealth Management LLC bought a new stake in shares of State Street in the 3rd quarter worth approximately $29,000. Flagship Wealth Advisors LLC bought a new stake in shares of State Street in the 3rd quarter worth approximately $35,000. Measured Wealth Private Client Group LLC bought a new stake in shares of State Street in the 3rd quarter worth approximately $35,000. Ameriflex Group Inc. raised 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 purchasing an additional 161 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of State Street by 38.2% in the 3rd 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 in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Activity at State Street

In related news, EVP John Plansky sold 16,100 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly owned 56,162 shares of the company's stock, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 28,711 shares of company stock valued at $3,933,032. Corporate insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Barclays set a $165.00 target price on shares of State Street in a report on Monday, April 20th. Argus boosted their target price on shares of State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. The Goldman Sachs Group boosted their price target on shares of State Street from $152.00 to $168.00 and gave the company a "buy" rating in a report on Monday, April 20th. Morgan Stanley boosted their price target on shares of State Street from $155.00 to $166.00 and gave the company an "overweight" rating in a report on Monday, April 20th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of State Street in a report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, State Street currently has an average rating of "Moderate Buy" and a consensus target price of $155.77.

State Street Stock Down 0.3%

STT stock opened at $153.55 on Friday. State Street Corporation has a 52-week low of $94.19 and a 52-week high of $156.18. The company's 50 day simple moving average is $139.21 and its 200-day simple moving average is $130.67. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market capitalization of $42.50 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.84 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last released its quarterly 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 net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business earned $2.04 earnings per share. The firm's revenue was up 15.6% compared to the same quarter last year. As a group, equities research analysts anticipate that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors 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 2.2%. State Street's 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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