State Street Co. (NYSE:STT) Shares Sold by Yacktman Asset Management LP

Yacktman Asset Management LP trimmed its holdings in State Street Co. (NYSE:STT) by 18.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,427,928 shares of the asset manager’s stock after selling 539,901 shares during the period. State Street comprises approximately 2.8% of Yacktman Asset Management LP’s holdings, making the stock its 11th largest holding. Yacktman Asset Management LP owned about 0.83% of State Street worth $238,301,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in STT. Sovran Advisors LLC acquired a new position in State Street in the fourth quarter worth about $202,000. BostonPremier Wealth LLC bought a new position in State Street during the 4th quarter worth approximately $283,000. Ferguson Wellman Capital Management Inc. grew its position in shares of State Street by 3.6% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 1,064,840 shares of the asset manager’s stock worth $104,514,000 after acquiring an additional 36,691 shares in the last quarter. Savant Capital LLC increased its holdings in shares of State Street by 1.1% in the 4th quarter. Savant Capital LLC now owns 28,172 shares of the asset manager’s stock valued at $2,765,000 after acquiring an additional 310 shares during the last quarter. Finally, Kestra Private Wealth Services LLC raised its position in shares of State Street by 49.7% during the 4th quarter. Kestra Private Wealth Services LLC now owns 4,704 shares of the asset manager’s stock valued at $462,000 after acquiring an additional 1,561 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on STT shares. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Morgan Stanley dropped their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. Evercore ISI lifted their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company increased their price target on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $100.73.

State Street Stock Performance

Shares of STT opened at $98.03 on Tuesday. The firm has a market capitalization of $28.74 billion, a PE ratio of 11.90, a P/E/G ratio of 1.12 and a beta of 1.43. 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 firm has a 50-day moving average price of $98.53 and a 200 day moving average price of $91.82. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. During the same period last year, the firm posted $2.04 earnings per share. The business’s revenue was up 12.1% on a year-over-year basis. On average, sell-side analysts anticipate that State Street Co. will post 9.6 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s dividend payout ratio is presently 36.89%.

Insider Activity at State Street

In related 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 transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now directly 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 filing with the SEC, which is available at the SEC website. Company insiders own 0.31% of the company’s stock.

State Street Company 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.