L & S Advisors Inc Sells 34,518 Shares of State Street Corporation (NYSE:STT)

L & S Advisors Inc trimmed its position in State Street Corporation (NYSE:STT) by 41.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,437 shares of the asset manager’s stock after selling 34,518 shares during the quarter. L & S Advisors Inc’s holdings in State Street were worth $4,337,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. First Pacific Financial purchased a new position in shares of State Street in the first quarter worth $25,000. Larson Financial Group LLC increased its stake in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after buying an additional 118 shares during the period. Coppell Advisory Solutions LLC increased its stake in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after buying an additional 412 shares during the period. Golden State Wealth Management LLC increased its stake in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after buying an additional 310 shares during the period. Finally, MV Capital Management Inc. increased its stake in shares of State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock worth $45,000 after buying an additional 251 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

STT has been the topic of several analyst reports. Bank of America lifted their target price on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. Barclays decreased their target price on State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Evercore ISI upped their target price on State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. The Goldman Sachs Group upped their target price on State Street from $98.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods decreased their target price on State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and an average price target of $112.00.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer owned 7,354 shares of the company’s stock, valued at $667,154.88. The trade was a 15.02% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.29% of the company’s stock.

State Street Stock Performance

Shares of State Street stock opened at $108.55 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $30.96 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.21 and a beta of 1.48. The business has a fifty day simple moving average of $104.11 and a two-hundred day simple moving average of $96.20. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.15 earnings per share. On average, equities analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street’s payout ratio is 34.04%.

About State Street

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.