State Street Corporation $STT Shares Sold by Yacktman Asset Management LP

Yacktman Asset Management LP cut its position in shares of State Street Corporation (NYSE:STT) by 13.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 913,555 shares of the asset manager’s stock after selling 138,305 shares during the period. State Street accounts for 1.6% of Yacktman Asset Management LP’s holdings, making the stock its 26th biggest position. Yacktman Asset Management LP’s holdings in State Street were worth $117,858,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in STT. Brighton Jones LLC purchased a new stake in State Street during the fourth quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after buying an additional 918 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after buying an additional 5,226 shares in the last quarter. Empowered Funds LLC boosted its holdings in State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after buying an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP boosted its holdings in State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after buying an additional 6,767 shares in the last quarter. 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 a number of recent analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Monday, April 20th. Seaport Research Partners reissued a “buy” rating and set a $170.00 price target on shares of State Street in a report on Monday, April 20th. Bank of America raised shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target on the stock in a report on Monday, April 6th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 21st. Finally, Morgan Stanley increased their price objective on shares of State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $155.57.

State Street Stock Performance

STT opened at $149.39 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a market cap of $41.35 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 0.82 and a beta of 1.45. State Street Corporation has a 52-week low of $93.69 and a 52-week high of $156.18. The firm’s fifty day simple moving average is $134.10 and its two-hundred day simple moving average is $128.11.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same period last year, the firm posted $2.04 earnings per share. Equities analysts anticipate that State Street Corporation will post 12.31 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Insider Buying and Selling

In related news, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the sale, the executive vice president directly owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 28,711 shares of company stock worth $3,933,032. 0.27% of the stock is owned by insiders.

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.