Wellington Management Group LLP Sells 1,920 Shares of State Street Co. (NYSE:STT)

Wellington Management Group LLP lessened its holdings in State Street Co. (NYSE:STT) by 3.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 59,077 shares of the asset manager’s stock after selling 1,920 shares during the quarter. Wellington Management Group LLP’s holdings in State Street were worth $4,576,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of State Street during the 4th quarter worth approximately $147,421,000. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in State Street during the fourth quarter worth approximately $45,687,000. Balyasny Asset Management L.P. increased its stake in State Street by 57.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock worth $121,145,000 after acquiring an additional 573,016 shares during the period. Metropolis Capital Ltd raised its holdings in State Street by 18.4% in the 4th quarter. Metropolis Capital Ltd now owns 3,462,044 shares of the asset manager’s stock valued at $268,170,000 after acquiring an additional 537,431 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of State Street by 122.8% during the 3rd quarter. AQR Capital Management LLC now owns 884,742 shares of the asset manager’s stock valued at $59,242,000 after acquiring an additional 487,671 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

STT has been the topic of a number of recent analyst reports. Evercore ISI raised their price target on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. UBS Group boosted their target price on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Morgan Stanley reiterated an “equal weight” rating and set a $90.00 price target on shares of State Street in a research report on Wednesday, June 12th. Argus boosted their price objective on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods reduced their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $83.88.

State Street Price Performance

Shares of STT opened at $74.00 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. The stock has a market cap of $22.29 billion, a PE ratio of 13.86, a PEG ratio of 1.27 and a beta of 1.47. State Street Co. has a 12-month low of $62.78 and a 12-month high of $79.90. The business has a 50-day simple moving average of $74.31 and a two-hundred day simple moving average of $74.67.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.21. The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.06 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. Analysts anticipate that State Street Co. will post 7.94 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Monday, July 1st. State Street’s payout ratio is currently 51.69%.

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.