Vanguard Group Inc. Sells 220,588 Shares of State Street Co. (NYSE:STT)

Vanguard Group Inc. trimmed its stake in shares of State Street Co. (NYSE:STT) by 0.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,162,642 shares of the asset manager’s stock after selling 220,588 shares during the quarter. Vanguard Group Inc. owned approximately 12.68% of State Street worth $3,647,513,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in STT. Albion Financial Group UT bought a new stake in shares of State Street during the fourth quarter worth $25,000. Y.D. More Investments Ltd grew its position in State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after acquiring an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in State Street in the fourth quarter valued at about $42,000. Friedenthal Financial acquired a new stake in shares of State Street during the fourth quarter valued at about $49,000. Finally, Hager Investment Management Services LLC bought a new stake in shares of State Street during the fourth quarter worth about $56,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research reports. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a report on Friday, December 20th. Wells Fargo & Company raised their price target on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, January 2nd. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Citigroup cut their target price on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $101.87.

State Street Stock Performance

Shares of STT stock opened at $92.87 on Tuesday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The firm has a 50 day moving average of $95.90 and a 200-day moving average of $94.33. The company has a market cap of $26.79 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.04 earnings per share. On average, equities analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio is currently 36.89%.

Insider Activity at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by 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.