Welch & Forbes LLC Decreases Stock Holdings in State Street Corp (NYSE:STT)

Welch & Forbes LLC decreased its holdings in shares of State Street Corp (NYSE:STT) by 15.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 218,608 shares of the asset manager’s stock after selling 39,236 shares during the quarter. Welch & Forbes LLC owned about 0.06% of State Street worth $12,255,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Harvest Group Wealth Management LLC purchased a new stake in State Street during the first quarter valued at $28,000. NuWave Investment Management LLC increased its position in State Street by 3,180.0% during the first quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock valued at $33,000 after acquiring an additional 477 shares during the last quarter. Zions Bancorporation N.A. bought a new position in State Street during the first quarter valued at $40,000. Global Retirement Partners LLC increased its position in State Street by 104.8% during the first quarter. Global Retirement Partners LLC now owns 725 shares of the asset manager’s stock valued at $48,000 after acquiring an additional 371 shares during the last quarter. Finally, Investors Research Corp bought a new position in State Street during the first quarter valued at $53,000. 89.45% of the stock is currently owned by institutional investors.

Shares of NYSE STT traded down $0.03 during mid-day trading on Wednesday, reaching $58.85. The company had a trading volume of 108,239 shares, compared to its average volume of 3,733,417. The stock’s 50-day moving average price is $56.56. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.45 and a current ratio of 0.48. The firm has a market cap of $22.01 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 0.97 and a beta of 1.40. State Street Corp has a 52 week low of $53.53 and a 52 week high of $90.20.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.05. The firm had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a net margin of 17.66% and a return on equity of 12.13%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 earnings per share. As a group, sell-side analysts predict that State Street Corp will post 5.84 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend was Friday, June 28th. State Street’s payout ratio is presently 26.04%.

In other State Street news, Director Saint-Aignan Patrick De bought 500 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were bought at an average cost of $58.85 per share, for a total transaction of $29,425.00. Following the acquisition, the director now directly owns 28,793 shares in the company, valued at $1,694,468.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey N. Carp sold 25,000 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

STT has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Investar from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research report on Tuesday, June 4th. Buckingham Research cut their price objective on shares of State Street from $83.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, June 12th. ValuEngine cut shares of Vereit from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Morgan Stanley set a $36.00 price objective on shares of ArcBest and gave the company a “hold” rating in a research report on Monday, July 8th. Finally, UBS Group boosted their price objective on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. State Street has a consensus rating of “Hold” and a consensus target price of $69.42.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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