State Street Corporation (NYSE:STT) Position Reduced by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale cut its position in shares of State Street Corporation (NYSE:STT) by 0.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 97,028 shares of the asset manager’s stock after selling 415 shares during the period. DekaBank Deutsche Girozentrale’s holdings in State Street were worth $8,591,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Invesco Ltd. lifted its stake in State Street by 5.7% during the fourth quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager’s stock valued at $737,162,000 after buying an additional 406,396 shares in the last quarter. Geode Capital Management LLC lifted its stake in State Street by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after buying an additional 24,617 shares in the last quarter. FMR LLC lifted its stake in State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after buying an additional 870,849 shares in the last quarter. Northern Trust Corp lifted its stake in State Street by 15.7% during the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock valued at $407,166,000 after buying an additional 563,790 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager’s stock valued at $335,884,000 after buying an additional 55,598 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer directly owned 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

State Street Stock Down 0.6%

Shares of State Street stock opened at $109.55 on Friday. The stock has a market capitalization of $31.24 billion, a P/E ratio of 12.30, a PEG ratio of 1.26 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The stock has a 50 day moving average price of $99.86 and a two-hundred day moving average price of $94.97. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $110.97.

State Street (NYSE:STT) last announced its 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 firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. State Street had a return on equity of 12.79% and a net margin of 12.85%. During the same quarter in the prior year, the business earned $1.69 earnings per share. Equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were given a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 2.77%. State Street’s dividend payout ratio is 34.12%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Cfra Research lowered shares of State Street from a “moderate buy” rating to a “hold” rating in a research note on Thursday, May 29th. Keefe, Bruyette & Woods dropped their target price on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Barclays dropped their target price on State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Citigroup upped their target price on State Street from $100.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Finally, Bank of America upped their target price on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $109.92.

State Street 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.