First Hawaiian Bank Trims Stake in State Street Co. (NYSE:STT)

First Hawaiian Bank cut its holdings in shares of State Street Co. (NYSE:STT) by 11.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 20,201 shares of the asset manager’s stock after selling 2,532 shares during the quarter. First Hawaiian Bank’s holdings in State Street were worth $1,983,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC purchased a new position in State Street during the second quarter worth about $27,000. Coastline Trust Co acquired a new position in shares of State Street in the 3rd quarter worth approximately $44,000. Capital Performance Advisors LLP purchased a new position in shares of State Street during the 3rd quarter worth approximately $54,000. Versant Capital Management Inc increased its holdings in State Street by 37.0% in the 4th quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock valued at $72,000 after purchasing an additional 197 shares during the last quarter. Finally, Tobam purchased a new stake in State Street in the third quarter valued at approximately $77,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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 stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP John Plansky sold 13,859 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,460 shares of company stock valued at $2,499,860. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on STT shares. Morgan Stanley dropped their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft lifted their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Barclays increased their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, State Street currently has an average rating of “Hold” and an average price target of $100.33.

State Street Price Performance

Shares of NYSE STT opened at $97.68 on Thursday. The stock’s 50-day simple moving average is $97.29 and its 200-day simple moving average is $88.47. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $28.63 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.43. 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 issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company’s revenue was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 EPS. As a group, equities research analysts forecast that State Street Co. will post 8.42 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is currently 48.03%.

State Street Company Profile

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.