Sumitomo Mitsui Trust Group Inc. Acquires 48,668 Shares of State Street Corporation (NYSE:STT)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 6.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 749,885 shares of the asset manager's stock after buying an additional 48,668 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of State Street worth $67,137,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of STT. Sequoia Financial Advisors LLC boosted its position in shares of State Street by 2.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after purchasing an additional 118 shares in the last quarter. Moors & Cabot Inc. lifted its position in State Street by 0.7% in the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager's stock valued at $1,799,000 after acquiring an additional 131 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of State Street by 13.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock valued at $104,000 after purchasing an additional 134 shares during the period. Huntington National Bank lifted its stake in State Street by 1.3% in the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager's stock valued at $1,146,000 after acquiring an additional 150 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in State Street by 8.4% during the 1st quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock worth $203,000 after acquiring an additional 176 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on STT. Keefe, Bruyette & Woods reduced their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Evercore ISI cut their price objective on State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Bank of America lifted their price objective on shares of State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a research report on Wednesday, April 2nd. Cfra Research cut shares of State Street from a "moderate buy" rating to a "hold" rating in a report on Thursday, May 29th. Finally, Citigroup cut their target price on shares of State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $102.85.

State Street Price Performance

Shares of NYSE:STT traded up $1.51 during trading on Wednesday, reaching $108.47. 371,696 shares of the company traded hands, compared to its average volume of 2,101,923. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $30.93 billion, a PE ratio of 12.18, a PEG ratio of 1.24 and a beta of 1.45. The company's 50 day moving average is $96.38 and its two-hundred day moving average is $94.29. State Street Corporation has a 52 week low of $72.65 and a 52 week high of $108.84.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same quarter last year, the business posted $1.69 earnings per share. As a group, sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 2.80%. State Street's payout ratio is 34.12%.

Insider Activity

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.

About State Street

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.