State Street Corporation $STT Position Reduced by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 0.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 595,610 shares of the asset manager’s stock after selling 4,020 shares during the period. State Street comprises 2.1% of Miller Howard Investments Inc. NY’s investment portfolio, making the stock its 10th largest position. Miller Howard Investments Inc. NY’s holdings in State Street were worth $75,380,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Wilkerson Advisory Group LLC acquired a new position in shares of State Street during the 4th quarter valued at $29,000. JPL Wealth Management LLC acquired a new stake in State Street in the 3rd quarter valued at $29,000. Phillip James Consulting Co. purchased a new position in State Street in the fourth quarter valued at about $30,000. Reflection Asset Management acquired a new position in shares of State Street during the fourth quarter worth about $35,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of State Street during the third quarter worth about $35,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Price Performance

Shares of STT stock opened at $174.13 on Wednesday. The firm has a fifty day moving average of $156.07 and a two-hundred day moving average of $138.15. The firm has a market cap of $48.19 billion, a P/E ratio of 17.66, a P/E/G ratio of 0.95 and a beta of 1.43. State Street Corporation has a 1-year low of $101.84 and a 1-year high of $175.46. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the business posted $2.04 EPS. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, research analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s payout ratio is currently 34.08%.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is owned by corporate insiders.

Trending Headlines about State Street

Here are the key news stories impacting State Street this week:

• Neutral Sentiment: State Street exited or reduced substantial holdings in several companies, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These are disclosure items tied to asset management positions, not State Street’s own earnings or guidance. Article: State Street exits substantial holding in Smartgroup
• Neutral Sentiment: State Street SPDR Straits Times Index ETF issued an updated prospectus for its Singapore benchmark fund, another routine fund-management update that is unlikely to have a major direct impact on STT’s near-term fundamentals. Article: State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on STT shares. Seaport Research Partners reiterated a “buy” rating and issued a $170.00 target price on shares of State Street in a research note on Monday, April 20th. Citigroup upped their price target on State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research report on Monday, May 11th. The Goldman Sachs Group lifted their price objective on shares of State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, Argus boosted their target price on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, State Street has an average rating of “Moderate Buy” and an average price target of $159.97.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.