Invenomic Capital Management LP Has $19.37 Million Stock Position in State Street Co. (NYSE:STT)

Invenomic Capital Management LP cut its holdings in shares of State Street Co. (NYSE:STT) by 28.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 197,385 shares of the asset manager’s stock after selling 79,206 shares during the quarter. State Street accounts for about 0.9% of Invenomic Capital Management LP’s investment portfolio, making the stock its 27th largest holding. Invenomic Capital Management LP owned 0.07% of State Street worth $19,373,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new position in State Street in the 4th quarter valued at approximately $272,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake 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 worth $44,725,000 after acquiring an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after acquiring an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after purchasing an additional 7,446 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new position in State Street in the fourth quarter valued at about $395,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 price target (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wells Fargo & Company decreased their target price on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. The Goldman Sachs Group set a $98.00 price target on shares of State Street and gave the company a “buy” rating in a report on Thursday, April 17th. Bank of America upped their price objective on shares of State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a report on Wednesday, April 2nd. Finally, Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $102.15.

Insider Buying and Selling

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,354 shares of the company’s stock, valued at approximately $667,154.88. This trade represents a 15.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 shares were 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 approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. 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 ninety days. 0.29% of the stock is owned by company insiders.

State Street Price Performance

NYSE:STT opened at $93.81 on Friday. 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 stock has a market cap of $26.75 billion, a P/E ratio of 11.38, a PEG ratio of 1.11 and a beta of 1.42. The company has a fifty day moving average price of $86.36 and a 200 day moving average price of $93.63. State Street Co. has a one year low of $70.20 and a one year high of $103.00.

State Street (NYSE:STT) last released its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same quarter last year, the company earned $1.69 earnings per share. Analysts anticipate 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 was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a $0.76 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.24%. State Street’s payout ratio is 34.12%.

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.