Brandes Investment Partners LP trimmed its position in shares of State Street Corporation (NYSE:STT - Free Report) by 34.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 370,477 shares of the asset manager's stock after selling 191,150 shares during the quarter. Brandes Investment Partners LP owned approximately 0.13% of State Street worth $47,796,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in STT. JPL Wealth Management LLC purchased a new position in shares of State Street during the 3rd quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC purchased a new position in shares of State Street during the 3rd quarter valued at approximately $35,000. Ameriflex Group Inc. increased its holdings in shares of State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock valued at $37,000 after purchasing an additional 161 shares in the last quarter. Board of the Pension Protection Fund purchased a new position in shares of State Street during the 4th quarter valued at approximately $39,000. Finally, Stance Capital LLC purchased a new position in shares of State Street during the 3rd quarter valued at approximately $44,000. 87.44% of the stock is owned by hedge funds and other institutional investors.
State Street Stock Up 0.7%
Shares of STT opened at $162.95 on Wednesday. The firm has a market cap of $45.10 billion, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. State Street Corporation has a 12-month low of $95.67 and a 12-month high of $164.05. The company's 50-day moving average price is $148.51 and its 200 day moving average price is $134.50. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.
State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street's revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. On average, sell-side analysts forecast that State Street Corporation will post 12.35 earnings per share for the current year.
State Street Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, July 1st. State Street's payout ratio is 34.08%.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on STT shares. Bank of America raised shares of State Street from an "underperform" rating to a "neutral" rating and set a $143.00 target price for the company in a report on Monday, April 6th. Evercore set a $158.00 target price on shares of State Street and gave the company an "outperform" rating in a report on Monday, April 20th. Keefe, Bruyette & Woods lifted their price target on shares of State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a research note on Monday, April 20th. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 21st. Finally, Royal Bank Of Canada lifted their target price on shares of State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $158.57.
Read Our Latest Report on State Street
Insider Activity at State Street
In related news, EVP Michael L. Richards sold 1,500 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP W. Bradford Hu sold 9,212 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the sale, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,876 shares of company stock valued at $5,866,583 in the last quarter. Corporate insiders own 0.27% of the company's stock.
About State Street
(
Free Report)
State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.
State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.
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