Morningstar Investment Management LLC Lowers Stake in State Street Co. (NYSE:STT)

Morningstar Investment Management LLC lessened its holdings in State Street Co. (NYSE:STT) by 50.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,652 shares of the asset manager’s stock after selling 3,780 shares during the quarter. Morningstar Investment Management LLC’s holdings in State Street were worth $358,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Flagship Harbor Advisors LLC bought a new position in shares of State Street during the fourth quarter valued at $272,000. KBC Group NV grew its position in shares of State Street by 20.5% during the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock valued at $6,607,000 after acquiring an additional 12,707 shares during the period. Merit Financial Group LLC purchased a new stake in shares of State Street in the 4th quarter worth $395,000. Janney Montgomery Scott LLC raised its holdings in State Street by 11.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after purchasing an additional 7,446 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in State Street by 17.3% during the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock valued at $12,124,000 after purchasing an additional 20,183 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,020 shares of company stock worth $2,674,661 in the last quarter. Company insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

STT has been the topic of several research analyst reports. Barclays boosted their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company boosted their price target on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, January 2nd. StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $100.73.

State Street Stock Performance

NYSE STT opened at $99.82 on Thursday. The company has a fifty day moving average of $98.60 and a two-hundred day moving average of $92.59. The company has a market capitalization of $28.80 billion, a PE ratio of 12.11, a P/E/G ratio of 1.12 and a beta of 1.43. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. State Street’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.04 EPS. As a group, analysts expect that State Street Co. will post 9.65 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is presently 36.89%.

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.