Letko Brosseau & Associates Inc. Sells 13,900 Shares of State Street Corporation $STT

Letko Brosseau & Associates Inc. cut its stake in shares of State Street Corporation (NYSE:STT) by 2.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 668,226 shares of the asset manager’s stock after selling 13,900 shares during the period. State Street comprises 1.4% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 25th biggest holding. Letko Brosseau & Associates Inc.’s holdings in State Street were worth $86,208,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Impax Asset Management Group plc increased its position in shares of State Street by 49.2% during the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after buying an additional 42,198 shares during the period. Nordea Investment Management AB increased its position in shares of State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock valued at $367,041,000 after buying an additional 377,568 shares during the period. Caprock Group LLC bought a new stake in shares of State Street during the third quarter valued at about $2,296,000. ABN Amro Investment Solutions bought a new stake in shares of State Street during the third quarter valued at about $4,193,000. Finally, BTC Capital Management Inc. bought a new stake in shares of State Street during the third quarter valued at about $3,012,000. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on STT shares. Argus boosted their price objective on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Royal Bank Of Canada boosted their price objective on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a report on Monday, April 20th. Evercore set a $158.00 price objective on State Street and gave the stock an “outperform” rating in a report on Monday, April 20th. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price objective for the company in a report on Monday, April 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $158.57.

State Street Stock Up 0.7%

Shares of NYSE STT opened at $162.95 on Wednesday. State Street Corporation has a 12 month low of $95.67 and a 12 month high of $164.05. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $45.10 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 0.88 and a beta of 1.43. The business has a 50-day moving average of $148.51 and a 200-day moving average of $134.50.

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, topping the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.State Street’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.04 earnings per share. Sell-side analysts expect that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a yield of 2.1%. State Street’s dividend payout ratio is currently 34.08%.

Insider Transactions at State Street

In other State Street news, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the sale, the executive vice president owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 37,876 shares of company stock worth $5,866,583 in the last three months. Corporate insiders own 0.27% of the company’s stock.

About State Street

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.