State Street Co. (NYSE:STT) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its stake in State Street Co. (NYSE:STT) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,128 shares of the asset manager’s stock after selling 2,400 shares during the period. State of Michigan Retirement System’s holdings in State Street were worth $8,355,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of STT. Geode Capital Management LLC lifted its stake in shares of State Street by 0.6% during the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after buying an additional 41,442 shares during the period. FMR LLC lifted its position in State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after acquiring an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after purchasing an additional 408,792 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of State Street by 1.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,421,569 shares of the asset manager’s stock worth $214,236,000 after purchasing an additional 23,252 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.0 %

Shares of STT stock opened at $92.63 on Thursday. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00. The company has a market cap of $26.72 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a 50 day simple moving average of $98.28 and a 200-day simple moving average of $93.89.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. During the same period in the prior year, the business posted $2.04 earnings per share. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts expect that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s payout ratio is 36.89%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on STT shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a report on Friday, December 20th. Morgan Stanley reduced their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.73.

Insiders Place Their Bets

In other news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

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.