Yacktman Asset Management LP Has $110.79 Million Stock Position in State Street Corporation (NYSE:STT)

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

A number of other hedge funds have also modified their holdings of the company. First Pacific Financial acquired a new stake in State Street during the 1st quarter worth approximately $25,000. Coppell Advisory Solutions LLC raised its holdings in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after buying an additional 412 shares during the period. Golden State Wealth Management LLC raised its holdings in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares during the period. MV Capital Management Inc. raised its holdings in State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after buying an additional 251 shares during the period. Finally, Loomis Sayles & Co. L P raised its holdings in State Street by 187.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock worth $47,000 after buying an additional 311 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Down 0.6%

Shares of NYSE:STT traded down $0.66 during midday trading on Friday, hitting $109.55. The stock had a trading volume of 2,668,847 shares, compared to its average volume of 2,110,676. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $111.99. 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 business's 50-day simple moving average is $99.48 and its 200-day simple moving average is $94.90. The company has a market cap of $31.24 billion, a P/E ratio of 12.30, a PEG ratio of 1.26 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The business had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.30 billion. During the same period last year, the business earned $1.69 earnings per share. On average, sell-side analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a yield of 2.77%. State Street's dividend payout ratio (DPR) is 34.12%.

Insider Buying and Selling

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction 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 transaction, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on STT shares. Wells Fargo & Company raised their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday. Cfra Research downgraded shares of State Street from a "moderate buy" rating to a "hold" rating in a report on Thursday, May 29th. The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Citigroup lifted 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. Finally, Evercore ISI lifted their price objective on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street has an average rating of "Hold" and an average price target of $109.92.

State Street Company 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.