Nuveen Asset Management LLC Lowers Holdings in State Street Corp (STT)

Nuveen Asset Management LLC decreased its stake in State Street Corp (NYSE:STT) by 14.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,298 shares of the asset manager’s stock after selling 2,983 shares during the period. Nuveen Asset Management LLC’s holdings in State Street were worth $1,154,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in STT. Pearl River Capital LLC acquired a new position in shares of State Street in the 4th quarter worth $25,000. Certified Advisory Corp grew its holdings in shares of State Street by 125.0% in the 4th quarter. Certified Advisory Corp now owns 450 shares of the asset manager’s stock worth $28,000 after acquiring an additional 250 shares during the last quarter. Strategic Wealth Partners Ltd. grew its holdings in shares of State Street by 1,038.7% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock worth $30,000 after acquiring an additional 322 shares during the last quarter. Moody National Bank Trust Division grew its holdings in shares of State Street by 199.4% during the fourth quarter. Moody National Bank Trust Division now owns 470 shares of the asset manager’s stock valued at $30,000 after buying an additional 313 shares in the last quarter. Finally, Bartlett & Co. LLC grew its holdings in shares of State Street by 56.3% during the fourth quarter. Bartlett & Co. LLC now owns 555 shares of the asset manager’s stock valued at $35,000 after buying an additional 200 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

In related news, insider Andrew Erickson sold 861 shares of the business’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $69.45, for a total transaction of $59,796.45. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Andrew P. Kuritzkes sold 13,339 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $72.10, for a total value of $961,741.90. The disclosure for this sale can be found here. Insiders sold 74,389 shares of company stock worth $5,300,338 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

A number of brokerages have recently weighed in on STT. Zacks Investment Research upgraded State Street from a “sell” rating to a “hold” rating in a report on Monday, March 25th. Deutsche Bank downgraded State Street from a “buy” rating to a “hold” rating and set a $69.95 price target on the stock. in a report on Thursday, March 14th. ValuEngine downgraded State Street from a “sell” rating to a “strong sell” rating in a report on Friday, March 1st. Keefe, Bruyette & Woods downgraded State Street from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $72.00 to $70.00 in a report on Sunday, February 24th. Finally, Credit Suisse Group reduced their price objective on State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a research report on Tuesday, January 22nd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $84.78.

Shares of NYSE:STT traded up $0.33 on Friday, reaching $69.96. The company had a trading volume of 1,799,076 shares, compared to its average volume of 1,605,048. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.53 and a quick ratio of 0.53. The stock has a market capitalization of $26.38 billion, a P/E ratio of 9.69, a P/E/G ratio of 1.19 and a beta of 1.38. State Street Corp has a twelve month low of $57.87 and a twelve month high of $104.33.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 18th. The asset manager reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.01. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.96 billion. State Street had a return on equity of 14.44% and a net margin of 20.05%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.61 earnings per share. As a group, research analysts expect that State Street Corp will post 6.73 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a $0.47 dividend. The ex-dividend date was Friday, March 29th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.69%. State Street’s payout ratio is presently 26.04%.

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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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