Jefferies Financial Group Inc. Sells 14,094 Shares of State Street Co. (NYSE:STT)

Jefferies Financial Group Inc. lowered its stake in State Street Co. (NYSE:STT) by 48.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 15,067 shares of the asset manager’s stock after selling 14,094 shares during the period. Jefferies Financial Group Inc.’s holdings in State Street were worth $1,479,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Flagship Harbor Advisors LLC acquired a new stake in shares of State Street in the fourth quarter valued at about $272,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position 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 valued at $44,725,000 after acquiring an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 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 during the last quarter. Janney Montgomery Scott LLC increased its position in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after acquiring an additional 7,446 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new stake in shares of State Street in the fourth quarter valued at about $395,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.1%

Shares of NYSE:STT opened at $97.68 on Thursday. The company has a market capitalization of $27.86 billion, a P/E ratio of 11.85, a P/E/G 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. 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 business’s 50 day simple moving average is $86.74 and its 200 day simple moving average is $93.74.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same quarter in the prior year, the business posted $1.69 earnings per share. On average, research analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.11%. State Street’s dividend payout ratio is currently 34.12%.

Insider Buying and Selling

In related news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the chief accounting officer now owns 7,354 shares of the company’s stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,820 shares of company stock valued at $1,567,972 over the last 90 days. 0.29% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on STT. Evercore ISI lowered their price target on State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. The Goldman Sachs Group set a $98.00 price target on State Street and gave the stock a “buy” rating in a research report on Thursday, April 17th. 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 report on Monday, April 21st. Truist Financial decreased their target price on State Street from $89.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 21st. Finally, Morgan Stanley lowered their target price on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.15.

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.