Gillespie Robinson & Grimm Inc. Lowers Position in State Street Corp (NYSE:STT)

Gillespie Robinson & Grimm Inc. decreased its stake in shares of State Street Corp (NYSE:STT) by 8.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 242,867 shares of the asset manager’s stock after selling 21,435 shares during the quarter. State Street comprises 1.9% of Gillespie Robinson & Grimm Inc.’s holdings, making the stock its 26th largest position. Gillespie Robinson & Grimm Inc. owned 0.06% of State Street worth $15,983,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Pearl River Capital LLC purchased a new stake in shares of State Street in the 4th quarter valued at $25,000. Certified Advisory Corp raised 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 valued at $28,000 after buying an additional 250 shares during the period. Strategic Wealth Partners Ltd. raised 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 valued at $30,000 after buying an additional 322 shares during the period. Moody National Bank Trust Division raised its holdings in shares of State Street by 199.4% in the 4th 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 during the period. Finally, Magellan Asset Management Ltd raised its holdings in shares of State Street by 80.1% in the 4th quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock valued at $33,000 after buying an additional 234 shares during the period. Hedge funds and other institutional investors own 88.36% of the company’s stock.

Several research analysts recently commented on STT shares. Zacks Investment Research cut State Street from a “hold” rating to a “strong sell” rating in a research note on Monday, January 14th. ValuEngine cut State Street from a “sell” rating to a “strong sell” rating in a research note on Friday, March 1st. Credit Suisse Group lowered their target price on State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a research note on Tuesday, January 22nd. Raymond James raised State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 target price for the company in a research note on Monday, January 14th. Finally, Keefe, Bruyette & Woods cut State Street from a “market perform” rating to an “underperform” rating and lowered their target price for the stock from $72.00 to $70.00 in a research note on Sunday, February 24th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $82.72.

NYSE:STT opened at $67.21 on Friday. The stock has a market cap of $25.34 billion, a PE ratio of 9.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.37. State Street Corp has a 1 year low of $57.87 and a 1 year high of $103.15. The company has a quick ratio of 0.53, a current ratio of 0.45 and a debt-to-equity ratio of 0.52.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.05. The business had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.62 EPS. As a group, research analysts forecast that State Street Corp will post 6.48 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were given a dividend of $0.47 per share. The ex-dividend date was Friday, March 29th. This represents a $1.88 annualized dividend and a dividend yield of 2.80%. State Street’s dividend payout ratio is currently 26.04%.

In related news, EVP Andrew P. Kuritzkes sold 7,689 shares of the company’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $69.97, for a total value of $537,999.33. Following the completion of the sale, the executive vice president now directly owns 25,978 shares of the company’s stock, valued at approximately $1,817,680.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew Erickson sold 861 shares of the company’s stock in a transaction dated Tuesday, February 19th. The shares were sold at an average price of $69.45, for a total value of $59,796.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,389 shares of company stock valued at $5,300,338. Insiders own 0.40% of the company’s stock.

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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.

Further Reading: What is a Fiduciary?

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

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