Fiduciary Trust Co Cuts Stock Position in State Street Co. (NYSE:STT)

Fiduciary Trust Co reduced its holdings in shares of State Street Co. (NYSE:STT) by 0.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 153,371 shares of the asset manager’s stock after selling 806 shares during the period. Fiduciary Trust Co owned about 0.05% of State Street worth $15,053,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STT. Flagship Harbor Advisors LLC purchased a new position in State Street in the fourth quarter valued at $272,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of State Street by 3.3% during 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 buying an additional 14,476 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after acquiring an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after acquiring an additional 7,446 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new position in State Street during the 4th quarter worth approximately $395,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on STT shares. Citigroup lowered their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Barclays dropped 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. Wells Fargo & Company reduced their price objective on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.15.

State Street Stock Performance

NYSE STT opened at $94.00 on Friday. The business has a 50 day moving average price of $86.32 and a 200 day moving average price of $93.59. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $27.13 billion, a P/E ratio of 11.41, a PEG ratio of 1.11 and a beta of 1.42. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT) last released 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. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period in the prior year, the business earned $1.69 earnings per share. Sell-side analysts expect that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were issued a dividend of $0.76 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.23%. State Street’s dividend payout ratio (DPR) is presently 34.12%.

Insider Activity

In related news, Director Gregory L. Summe sold 10,815 shares of the 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 transaction, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,820 shares of company stock valued at $1,567,972 over the last 90 days. Insiders own 0.29% of the company’s stock.

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.