Cinctive Capital Management LP Lowers Position in State Street Co. (NYSE:STT)

Cinctive Capital Management LP reduced its position in State Street Co. (NYSE:STT) by 39.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 64,869 shares of the asset manager’s stock after selling 42,773 shares during the period. Cinctive Capital Management LP’s holdings in State Street were worth $6,367,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in STT. Albion Financial Group UT bought a new stake in State Street in the fourth quarter worth $25,000. Y.D. More Investments Ltd lifted its position in shares of State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after purchasing an additional 197 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in shares of State Street in the 4th quarter valued at $42,000. Loomis Sayles & Co. L P raised its holdings in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after purchasing an additional 311 shares in the last quarter. Finally, Friedenthal Financial bought a new position in shares of State Street during the 4th quarter worth approximately $49,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Down 0.8 %

Shares of State Street stock opened at $88.82 on Wednesday. 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 company’s 50-day simple moving average is $94.99 and its 200-day simple moving average is $94.65. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The firm has a market cap of $25.62 billion, a price-to-earnings ratio of 10.78, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $3.27 billion. During the same quarter last year, the firm posted $2.04 EPS. The business’s revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.42%. State Street’s dividend payout ratio is currently 36.89%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Morgan Stanley lowered their price objective on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Evercore ISI reduced their price target on State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a report on Tuesday. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $102.33.

Insider Transactions at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. 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.