Yacktman Asset Management LP Cuts Stock Position in State Street Corporation (NYSE:STT)

Yacktman Asset Management LP cut its holdings in State Street Corporation (NYSE:STT - Free Report) by 49.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,237,452 shares of the asset manager's stock after selling 1,190,476 shares during the quarter. State Street accounts for 1.5% of Yacktman Asset Management LP's investment portfolio, making the stock its 27th largest position. Yacktman Asset Management LP owned about 0.43% of State Street worth $110,789,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in STT. Allspring Global Investments Holdings LLC boosted its stake in shares of State Street by 127.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after acquiring an additional 17,201 shares during the last quarter. Pacific Heights Asset Management LLC boosted its stake in shares of State Street by 9.1% in the first quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock worth $5,372,000 after acquiring an additional 5,000 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after acquiring an additional 14,476 shares during the last quarter. Miller Howard Investments Inc. NY acquired a new stake in shares of State Street in the first quarter worth approximately $42,504,000. Finally, Stonegate Investment Group LLC acquired a new stake in shares of State Street in the first quarter worth approximately $487,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Up 0.7%

Shares of State Street stock traded up $0.80 during trading hours on Thursday, hitting $110.20. The company's stock had a trading volume of 1,828,556 shares, compared to its average volume of 2,108,443. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $110.97. The firm has a fifty day moving average of $99.48 and a 200-day moving average of $94.90. The stock has a market cap of $31.43 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 1.26 and a beta of 1.45. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $3.30 billion. During the same quarter in the prior year, the company posted $1.69 EPS. Research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The firm 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. This represents a $3.04 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Tuesday, July 1st. State Street's dividend payout ratio (DPR) is presently 34.12%.

Analysts Set New Price Targets

STT has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Barclays lowered their price target on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Evercore ISI lifted their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company lifted their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Bank of America boosted their price objective on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, State Street has an average rating of "Hold" and a consensus price target of $109.92.

Insider Activity at State Street

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

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.