M&R Capital Management Inc. Sells 700 Shares of State Street Corp (NYSE:STT)

M&R Capital Management Inc. trimmed its holdings in State Street Corp (NYSE:STT) by 3.0% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 22,905 shares of the asset manager’s stock after selling 700 shares during the quarter. M&R Capital Management Inc.’s holdings in State Street were worth $1,358,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of State Street by 0.7% in the 2nd quarter. FMR LLC now owns 16,471,058 shares of the asset manager’s stock worth $1,046,736,000 after acquiring an additional 117,837 shares during the last quarter. Capital International Investors raised its holdings in State Street by 6.8% during the 1st quarter. Capital International Investors now owns 8,218,489 shares of the asset manager’s stock valued at $437,799,000 after buying an additional 521,768 shares during the last quarter. Geode Capital Management LLC raised its holdings in State Street by 5.9% during the 1st quarter. Geode Capital Management LLC now owns 6,508,742 shares of the asset manager’s stock valued at $346,187,000 after buying an additional 365,419 shares during the last quarter. Invesco Ltd. raised its holdings in State Street by 2.9% during the 1st quarter. Invesco Ltd. now owns 5,185,244 shares of the asset manager’s stock valued at $276,217,000 after buying an additional 146,218 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in State Street by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,499,149 shares of the asset manager’s stock valued at $285,919,000 after buying an additional 367,737 shares during the last quarter. Hedge funds and other institutional investors own 90.33% of the company’s stock.

STT stock traded down $0.58 during trading on Thursday, hitting $58.75. 2,420,057 shares of the stock traded hands, compared to its average volume of 2,732,725. State Street Corp has a 1 year low of $42.10 and a 1 year high of $85.89. The firm’s 50 day moving average is $65.90 and its two-hundred day moving average is $61.45. The stock has a market cap of $20.70 billion, a price-to-earnings ratio of 8.86, a price-to-earnings-growth ratio of 1.09 and a beta of 1.52. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.54 and a quick ratio of 0.54.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, July 17th. The asset manager reported $1.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.23. State Street had a net margin of 20.27% and a return on equity of 12.74%. The company had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the prior year, the firm posted $1.45 EPS. State Street’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, analysts anticipate that State Street Corp will post 6.54 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Wednesday, September 30th. State Street’s dividend payout ratio is currently 33.71%.

A number of equities research analysts recently commented on the stock. Wolfe Research lowered shares of State Street from an “outperform” rating to a “peer perform” rating and set a $72.00 price target for the company. in a report on Thursday, July 9th. Zacks Investment Research raised shares of State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective on the stock in a research report on Tuesday, July 28th. Wells Fargo & Company boosted their price objective on shares of State Street from $61.00 to $75.00 in a research report on Friday, June 5th. Morgan Stanley boosted their price objective on shares of State Street from $64.00 to $69.00 and gave the company an “underweight” rating in a research report on Tuesday, September 1st. Finally, ValuEngine raised shares of State Street from a “strong sell” rating to a “sell” rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $76.00.

In other State Street news, EVP John Lehner sold 500 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $63.55, for a total transaction of $31,775.00. Following the transaction, the executive vice president now owns 23,860 shares in the company, valued at approximately $1,516,303. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael L. Richards sold 379 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $70.35, for a total transaction of $26,662.65. Following the transaction, the executive vice president now owns 20,180 shares in the company, valued at approximately $1,419,663. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by corporate insiders.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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.

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

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