Central Pacific Bank Trust Division Sells 950 Shares of State Street Co. (NYSE:STT)

Central Pacific Bank Trust Division lessened its holdings in State Street Co. (NYSE:STT) by 4.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 22,950 shares of the asset manager’s stock after selling 950 shares during the period. Central Pacific Bank Trust Division’s holdings in State Street were worth $2,253,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. GAMMA Investing LLC increased its stake in State Street by 28.4% in the 4th quarter. GAMMA Investing LLC now owns 3,202 shares of the asset manager’s stock worth $314,000 after buying an additional 709 shares during the period. Versant Capital Management Inc increased its position in shares of State Street by 37.0% during the fourth quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after acquiring an additional 197 shares during the period. Principal Financial Group Inc. raised its stake in shares of State Street by 1.2% during the third quarter. Principal Financial Group Inc. now owns 346,252 shares of the asset manager’s stock valued at $30,633,000 after acquiring an additional 4,052 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of State Street in the third quarter valued at approximately $209,000. Finally, Inspire Trust Co. N.A. increased its holdings in State Street by 5.9% during the 3rd quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager’s stock worth $3,165,000 after purchasing an additional 2,000 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on STT shares. Barclays upped their target price on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research report on Friday, December 20th. Evercore ISI upped their price target on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley dropped their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $98.57.

Insider Buying and Selling

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 20.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,460 shares of company stock valued at $2,499,860 over the last quarter. 0.31% of the stock is currently owned by company insiders.

State Street Stock Down 1.0 %

NYSE STT traded down $0.94 during trading on Friday, hitting $97.01. The company’s stock had a trading volume of 687,808 shares, compared to its average volume of 1,087,245. The business’s 50 day simple moving average is $96.84 and its 200-day simple moving average is $87.64. The company has a market cap of $28.44 billion, a PE ratio of 15.33, a P/E/G ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $101.91.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping the consensus estimate of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. On average, equities analysts anticipate that State Street Co. will post 8.42 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s payout ratio is 48.03%.

About State Street

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.