Burney Co. boosted its holdings in State Street Corporation (NYSE:STT - Free Report) by 681.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 123,021 shares of the asset manager's stock after buying an additional 107,283 shares during the period. Burney Co.'s holdings in State Street were worth $15,570,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the business. Wilkerson Advisory Group LLC bought a new position in State Street during the fourth quarter worth $29,000. Phillip James Consulting Co. acquired a new stake in State Street in the 4th quarter worth $30,000. JPL Wealth Management LLC bought a new position in shares of State Street during the 3rd quarter worth about $29,000. Reflection Asset Management acquired a new position in shares of State Street during the fourth quarter valued at about $35,000. Finally, Board of the Pension Protection Fund acquired a new position in shares of State Street during the fourth quarter valued at about $39,000. 87.44% of the stock is owned by institutional investors.
Analyst Ratings Changes
STT has been the topic of a number of recent research reports. Argus lifted their target price on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a research report on Tuesday, April 21st. The Goldman Sachs Group upped their price target on State Street from $168.00 to $194.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Barclays set a $165.00 price objective on State Street in a research report on Monday, April 20th. Royal Bank Of Canada lifted their price objective on State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating in a report on Monday, April 20th. Finally, Keefe, Bruyette & Woods boosted their price objective on State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $172.66.
Read Our Latest Analysis on STT
State Street Price Performance
Shares of STT stock opened at $175.57 on Tuesday. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $175.96. The stock has a market capitalization of $48.59 billion, a PE ratio of 17.81, a PEG ratio of 0.92 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The stock's fifty day moving average is $159.83 and its 200-day moving average is $140.59.
State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.04 earnings per share. Equities research analysts expect that State Street Corporation will post 12.53 EPS for the current fiscal year.
State Street Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.9%. State Street's payout ratio is currently 34.08%.
Insider Activity at State Street
In other news, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the sale, the executive vice president directly owned 43,522 shares of the company's stock, valued at $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer directly owned 255,512 shares of the company's stock, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 37,876 shares of company stock valued at $5,866,583. 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.
Further Reading
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