California Public Employees Retirement System Has $49.96 Million Position in State Street Co. (NYSE:STT)

California Public Employees Retirement System trimmed its position in shares of State Street Co. (NYSE:STT) by 6.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 509,050 shares of the asset manager’s stock after selling 35,758 shares during the quarter. California Public Employees Retirement System owned approximately 0.17% of State Street worth $49,963,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in STT. Norges Bank acquired a new stake in State Street during the 4th quarter worth approximately $161,021,000. Hotchkis & Wiley Capital Management LLC raised its stake in shares of State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after acquiring an additional 1,354,560 shares during the last quarter. Amundi lifted its holdings in shares of State Street by 11.1% during the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after purchasing an additional 561,773 shares during the period. Wellington Management Group LLP grew 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 worth $45,889,000 after purchasing an additional 462,201 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in State Street in the fourth quarter valued at $44,070,000. 87.44% of the stock is currently owned by institutional investors.

Insider Activity at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of State Street 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 completion of the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was 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 in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on STT. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and upped their price target for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a report on Friday, December 20th. Citigroup lowered their price target on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Finally, Barclays increased their price objective on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $102.33.

State Street Price Performance

Shares of NYSE STT opened at $88.82 on Wednesday. The firm has a market capitalization of $25.62 billion, a P/E ratio of 10.78, a P/E/G ratio of 1.11 and a beta of 1.44. The firm’s 50-day moving average price is $94.99 and its 200-day moving average price is $94.65. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT) last posted its quarterly earnings results 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 return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same period in the prior year, the business earned $2.04 EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is currently 36.89%.

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.