Brown Brothers Harriman & Co. Lowers Stock Position in State Street Co. (NYSE:STT)

Brown Brothers Harriman & Co. trimmed its holdings in shares of State Street Co. (NYSE:STT) by 7.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 228,228 shares of the asset manager’s stock after selling 19,561 shares during the period. Brown Brothers Harriman & Co. owned about 0.08% of State Street worth $22,401,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of STT. Raymond James Trust N.A. acquired a new stake in State Street in the third quarter valued at $226,000. Cerity Partners LLC lifted its stake in shares of State Street by 35.1% in the third quarter. Cerity Partners LLC now owns 60,936 shares of the asset manager’s stock valued at $5,391,000 after purchasing an additional 15,818 shares during the period. FMR LLC boosted its holdings in 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 buying an additional 833,679 shares in the last quarter. Brooklyn Investment Group acquired a new position in State Street during the third quarter worth about $79,000. Finally, Townsquare Capital LLC purchased a new position in State Street in the third quarter valued at about $351,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Down 3.1 %

Shares of NYSE STT opened at $88.95 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $25.66 billion, a PE ratio of 10.80, a P/E/G ratio of 1.11 and a beta of 1.44. The firm has a fifty day moving average of $95.35 and a 200-day moving average of $94.40. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00.

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

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio is presently 36.89%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley decreased their price target on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Barclays raised their price target on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Citigroup cut their price target on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $101.53.

Insider Activity at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction that occurred 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 sale, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

State Street Profile

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.