American International Group Inc. Decreases Position in State Street Co. (STT)

American International Group Inc. decreased its position in shares of State Street Co. (NYSE:STT) by 0.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 118,471 shares of the asset manager’s stock after selling 743 shares during the quarter. American International Group Inc.’s holdings in State Street were worth $11,815,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. NuWave Investment Management LLC acquired a new stake in shares of State Street during the fourth quarter worth about $107,000. Legacy Advisors LLC lifted its holdings in shares of State Street by 835.8% during the fourth quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock worth $112,000 after purchasing an additional 1,028 shares during the period. Delpha Capital Management LLC acquired a new stake in shares of State Street during the fourth quarter worth about $113,000. Focused Wealth Management Inc acquired a new stake in shares of State Street during the fourth quarter worth about $117,000. Finally, Financial Gravity Companies Inc. acquired a new stake in shares of State Street during the fourth quarter worth about $137,000. 88.79% of the stock is owned by hedge funds and other institutional investors.

Shares of State Street opened at $101.24 on Friday, Marketbeat Ratings reports. State Street Co. has a 12-month low of $100.57 and a 12-month high of $101.30. The company has a market capitalization of $36.98 billion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 1.30 and a beta of 1.32. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.04. State Street had a return on equity of 14.23% and a net margin of 19.07%. The company had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the company posted $1.21 earnings per share. State Street’s revenue for the quarter was up 13.2% on a year-over-year basis. sell-side analysts anticipate that State Street Co. will post 7.78 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 17th. Shareholders of record on Monday, July 2nd will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Friday, June 29th. State Street’s payout ratio is presently 28.19%.

STT has been the subject of a number of research reports. ValuEngine raised State Street from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $126.00 target price for the company in a report on Thursday, January 25th. Bank of America lifted their target price on State Street from $108.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. Deutsche Bank decreased their target price on State Street from $114.00 to $108.00 and set a “hold” rating for the company in a report on Friday, April 6th. Finally, Morgan Stanley lifted their target price on State Street from $114.00 to $117.00 and gave the stock an “equal weight” rating in a report on Friday, February 2nd. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $110.27.

In other news, CAO Elizabeth Schaefer sold 1,473 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $105.00, for a total transaction of $154,665.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,362 shares of the company’s stock, valued at approximately $983,010. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeff D. Conway sold 288 shares of the company’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total value of $29,024.64. The disclosure for this sale can be found here. Insiders sold 12,860 shares of company stock valued at $1,377,980 over the last three months. 0.40% of the stock is currently owned by corporate insiders.

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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Institutional Ownership by Quarter for State Street (NYSE:STT)

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