Envestnet Portfolio Solutions Inc. Lowers Stake in State Street Co. (NYSE:STT)

Envestnet Portfolio Solutions Inc. lessened its stake in State Street Co. (NYSE:STT) by 19.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,040 shares of the asset manager’s stock after selling 1,498 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in State Street were worth $593,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC raised its stake in shares of State Street by 11.4% during the third quarter. Empowered Funds LLC now owns 4,929 shares of the asset manager’s stock valued at $432,000 after acquiring an additional 504 shares in the last quarter. Advisors Asset Management Inc. increased its position in State Street by 9.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 24,696 shares of the asset manager’s stock valued at $2,185,000 after purchasing an additional 2,124 shares during the period. Raymond James Trust N.A. bought a new position in shares of State Street during the third quarter valued at approximately $226,000. Cerity Partners LLC boosted its stake in shares of State Street by 35.1% during the third quarter. Cerity Partners LLC now owns 60,936 shares of the asset manager’s stock valued at $5,391,000 after purchasing an additional 15,818 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in State Street by 23.1% during the third quarter. Daiwa Securities Group Inc. now owns 51,039 shares of the asset manager’s stock valued at $4,516,000 after buying an additional 9,561 shares during the period. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

STT has been the topic of several recent research reports. JPMorgan Chase & Co. raised 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. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Morgan Stanley lowered their price target on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Finally, Barclays boosted their price objective on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $101.87.

State Street Stock Performance

Shares of STT stock opened at $92.87 on Tuesday. The business has a fifty day moving average of $95.90 and a 200 day moving average of $94.33. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $26.79 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the business posted $2.04 earnings per share. As a group, research analysts expect that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is currently 36.89%.

Insider Transactions at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

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.