Trustcore Financial Services LLC Acquires Shares of 1,326 State Street Corp (STT)

Trustcore Financial Services LLC acquired a new stake in State Street Corp (NYSE:STT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,326 shares of the asset manager’s stock, valued at approximately $87,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CX Institutional boosted its stake in shares of State Street by 421.6% in the first quarter. CX Institutional now owns 34,503 shares of the asset manager’s stock valued at $2,271,000 after purchasing an additional 27,888 shares during the period. Advisor Group Inc. lifted its stake in State Street by 11.9% in the fourth quarter. Advisor Group Inc. now owns 24,822 shares of the asset manager’s stock worth $1,566,000 after acquiring an additional 2,640 shares during the last quarter. Goelzer Investment Management Inc. purchased a new position in State Street in the first quarter worth approximately $316,000. Metropolis Capital Ltd purchased a new position in State Street in the fourth quarter worth approximately $46,335,000. Finally, Argent Trust Co lifted its stake in State Street by 38.1% in the fourth quarter. Argent Trust Co now owns 13,962 shares of the asset manager’s stock worth $880,000 after acquiring an additional 3,854 shares during the last quarter. 89.42% of the stock is owned by institutional investors and hedge funds.

STT stock traded down $1.23 during midday trading on Friday, reaching $60.39. 1,803,226 shares of the company were exchanged, compared to its average volume of 2,404,399. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.52. State Street Corp has a 1-year low of $57.87 and a 1-year high of $101.35. The stock has a market cap of $22.99 billion, a P/E ratio of 8.36, a PEG ratio of 0.90 and a beta of 1.37.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. State Street had a net margin of 18.77% and a return on equity of 13.44%. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter last year, the company earned $1.62 earnings per share. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities research analysts predict that State Street Corp will post 6.45 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st will be issued a dividend of $0.47 per share. The ex-dividend date is Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a yield of 3.11%. State Street’s payout ratio is currently 26.04%.

In other State Street news, CEO Hanley Ronald P. O sold 27,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $71.82, for a total transaction of $1,975,050.00. Following the sale, the chief executive officer now owns 60,479 shares of the company’s stock, valued at $4,343,601.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew Erickson sold 861 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $69.45, for a total transaction of $59,796.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,522 shares of company stock worth $5,123,332. 0.40% of the stock is owned by corporate insiders.

A number of research analysts recently issued reports on STT shares. Deutsche Bank downgraded shares of State Street from a “buy” rating to a “hold” rating and set a $69.95 price target for the company. in a research note on Thursday, March 14th. Zacks Investment Research upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Tuesday, March 12th. Wells Fargo & Co downgraded shares of State Street from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 22nd. Credit Suisse Group decreased their price target on shares of State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a research note on Tuesday, January 22nd. Finally, Goldman Sachs Group downgraded shares of State Street from a “buy” rating to a “neutral” rating and set a $71.30 price target for the company. in a research note on Tuesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. State Street has an average rating of “Hold” and a consensus target price of $82.72.

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State Street Company Profile

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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