Tompkins Financial Corp Cuts Stake in State Street Co. (NYSE:STT)

Tompkins Financial Corp decreased its stake in State Street Co. (NYSE:STT) by 48.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 350 shares of the asset manager’s stock after selling 330 shares during the quarter. Tompkins Financial Corp’s holdings in State Street were worth $34,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Hotchkis & Wiley Capital Management LLC boosted its holdings in State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after acquiring an additional 1,354,560 shares during the period. FMR LLC lifted its position in shares of State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of State Street by 818.1% in the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after purchasing an additional 462,201 shares during the period. National Bank of Canada FI grew its holdings in State Street by 99.4% during the 3rd quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock valued at $78,574,000 after purchasing an additional 442,725 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in State Street by 13.8% during the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after buying an additional 408,792 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Activity

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Evercore ISI raised their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Barclays lifted their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus price target of $100.33.

State Street Price Performance

Shares of NYSE:STT opened at $97.51 on Friday. The company has a market cap of $28.58 billion, a PE ratio of 15.40, a P/E/G ratio of 0.97 and a beta of 1.43. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The firm has a 50-day simple moving average of $97.67 and a 200 day simple moving average of $89.35. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3,267,560 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.04 earnings per share. On average, sell-side analysts anticipate that State Street Co. will post 8.45 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Thursday, January 2nd. State Street’s payout ratio is 48.03%.

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.