State Street Corporation (NYSE:STT) Stock Position Cut by Yacktman Asset Management LP

Yacktman Asset Management LP lessened its position in shares of State Street Corporation (NYSE:STT - Free Report) by 49.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,237,452 shares of the asset manager's stock after selling 1,190,476 shares during the period. State Street comprises 1.5% of Yacktman Asset Management LP's investment portfolio, making the stock its 27th biggest holding. Yacktman Asset Management LP owned about 0.43% of State Street worth $110,789,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after acquiring an additional 17,201 shares during the last quarter. Pacific Heights Asset Management LLC grew its stake in State Street by 9.1% in the 1st quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock valued at $5,372,000 after acquiring an additional 5,000 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in State Street by 3.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock valued at $44,725,000 after acquiring an additional 14,476 shares during the last quarter. Stonegate Investment Group LLC acquired a new stake in State Street in the 1st quarter valued at about $487,000. Finally, Miller Howard Investments Inc. NY acquired a new stake in State Street in the 1st quarter valued at about $42,504,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on STT. Morgan Stanley raised their price target on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Evercore ISI raised their price target 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. Wells Fargo & Company raised their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday. Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Finally, 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 research note on Wednesday, July 2nd. One 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $109.92.

State Street Stock Performance

State Street stock traded up $0.99 during mid-day trading on Thursday, reaching $110.39. The company's stock had a trading volume of 632,173 shares, compared to its average volume of 2,102,335. The firm has a market cap of $31.48 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 1.27 and a beta of 1.45. The business has a 50 day moving average price of $99.05 and a 200-day moving average price of $94.82. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $110.97.

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, topping analysts' consensus estimates of $1.98 by $0.06. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. During the same quarter in the previous year, the company posted $1.69 earnings per share. Sell-side analysts predict 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. Shareholders of record on Tuesday, July 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Tuesday, July 1st. State Street's dividend payout ratio is presently 34.12%.

Insider Buying and Selling

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the business's 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 owned 7,354 shares of the company's stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.29% of the stock is currently owned by corporate 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.