Yacktman Asset Management LP Lowers Stock Holdings in State Street Corporation (NYSE:STT)

Yacktman Asset Management LP reduced its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 49.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,237,452 shares of the asset manager's stock after selling 1,190,476 shares during the quarter. State Street makes up about 1.5% of Yacktman Asset Management LP's holdings, making the stock its 27th biggest holding. Yacktman Asset Management LP owned about 0.43% of State Street worth $110,789,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of STT. Norges Bank bought a new position in State Street in the 4th quarter worth about $161,021,000. Price T Rowe Associates Inc. MD increased its position in shares of State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock valued at $226,642,000 after purchasing an additional 1,622,408 shares during the last quarter. FMR LLC increased its position in shares of State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after purchasing an additional 870,849 shares during the last quarter. Azora Capital LP purchased a new stake in State Street in the 4th quarter worth approximately $80,294,000. Finally, Northern Trust Corp increased its holdings in State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after acquiring an additional 563,790 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on STT shares. Citigroup increased their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Wells Fargo & Company raised their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday. Cfra Research lowered State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. Morgan Stanley raised their price target on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, Truist Financial raised their price target on State Street from $112.00 to $122.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $109.92.

State Street Stock Up 0.3%

Shares of STT traded up $0.28 during mid-day trading on Wednesday, reaching $109.48. The company's stock had a trading volume of 1,607,041 shares, compared to its average volume of 2,107,810. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $110.97. The stock has a market cap of $31.22 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.27 and a beta of 1.45. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. The company's 50 day moving average is $98.63 and its 200 day moving average is $94.72.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter in the prior year, the business posted $1.69 EPS. Equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.78%. State Street's payout ratio is currently 34.12%.

Insider Transactions at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer owned 7,354 shares in the company, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

State Street Profile

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.