Somerville Kurt F Lowers Stock Position in State Street Corp (NYSE:STT)

Somerville Kurt F lowered its position in State Street Corp (NYSE:STT) by 13.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,965 shares of the asset manager’s stock after selling 900 shares during the period. Somerville Kurt F’s holdings in State Street were worth $353,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Means Investment CO. Inc. purchased a new stake in State Street during the third quarter worth about $341,000. River & Mercantile Asset Management LLP increased its holdings in State Street by 41.3% during the third quarter. River & Mercantile Asset Management LLP now owns 212,490 shares of the asset manager’s stock worth $12,580,000 after buying an additional 62,120 shares during the last quarter. Yacktman Asset Management LP increased its holdings in State Street by 63.0% during the third quarter. Yacktman Asset Management LP now owns 4,298,033 shares of the asset manager’s stock worth $254,401,000 after buying an additional 1,661,988 shares during the last quarter. Vestmark Advisory Solutions Inc. increased its holdings in State Street by 21.4% during the third quarter. Vestmark Advisory Solutions Inc. now owns 25,679 shares of the asset manager’s stock worth $1,520,000 after buying an additional 4,529 shares during the last quarter. Finally, Grimes & Company Inc. increased its holdings in State Street by 26.3% during the third quarter. Grimes & Company Inc. now owns 25,281 shares of the asset manager’s stock worth $1,496,000 after buying an additional 5,257 shares during the last quarter. Institutional investors own 92.38% of the company’s stock.

In related news, CEO Hanley Ronald P. O bought 7,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was acquired at an average cost of $50.43 per share, for a total transaction of $353,010.00. Following the completion of the transaction, the chief executive officer now directly owns 127,235 shares in the company, valued at approximately $6,416,461.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $65.70, for a total transaction of $1,642,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 86,839 shares of company stock valued at $5,358,227. 0.40% of the stock is currently owned by company insiders.

A number of research firms recently issued reports on STT. Morgan Stanley raised their price objective on shares of State Street from $57.00 to $66.00 and gave the stock an “underweight” rating in a report on Tuesday, October 29th. Raymond James raised their price objective on shares of State Street from $69.00 to $77.00 and gave the stock a “strong-buy” rating in a report on Monday, October 21st. They noted that the move was a valuation call. Keefe, Bruyette & Woods restated an “underperform” rating and set a $68.00 price objective (up previously from $60.00) on shares of State Street in a report on Monday, October 21st. Bank of America raised their price objective on shares of State Street from $64.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Deutsche Bank upgraded shares of State Street from a “hold” rating to a “buy” rating and raised their price objective for the stock from $64.00 to $81.00 in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $69.02.

Shares of STT stock traded down $0.71 during trading hours on Wednesday, reaching $72.70. The stock had a trading volume of 2,947,045 shares, compared to its average volume of 2,825,176. The stock’s fifty day simple moving average is $63.23 and its 200 day simple moving average is $58.62. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.53. State Street Corp has a 12 month low of $48.62 and a 12 month high of $77.00. The firm has a market capitalization of $26.58 billion, a PE ratio of 10.07, a PEG ratio of 1.18 and a beta of 1.52.

State Street (NYSE:STT) last announced its earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.11. State Street had a net margin of 16.18% and a return on equity of 11.34%. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same period in the previous year, the business posted $1.87 earnings per share. State Street’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, equities research analysts anticipate that State Street Corp will post 5.81 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.52 per share. The ex-dividend date was Monday, September 30th. This is a positive change from State Street’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a yield of 2.86%. State Street’s payout ratio is presently 28.81%.

State Street Company Profile

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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