Chicago Partners Investment Group LLC acquired a new position in State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,272 shares of the asset manager's stock, valued at approximately $208,000.
Several other large investors also recently made changes to their positions in the business. Northern Trust Corp boosted its stake in State Street by 15.7% during the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after acquiring an additional 563,790 shares during the last quarter. Eastern Bank boosted its stake in State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after acquiring an additional 2,947,153 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in State Street by 10.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,664,062 shares of the asset manager's stock valued at $261,478,000 after acquiring an additional 242,493 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock valued at $226,642,000 after acquiring an additional 1,622,408 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock valued at $195,764,000 after acquiring an additional 123,259 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. Barclays reduced their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Citigroup increased their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company increased their price objective on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group increased their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley raised their price target on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $112.82.
Read Our Latest Analysis on STT
State Street Stock Performance
Shares of STT stock traded up $2.07 during trading hours on Thursday, reaching $113.57. The stock had a trading volume of 1,429,951 shares, compared to its average volume of 1,883,789. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $114.28. The firm has a 50-day simple moving average of $106.34 and a 200-day simple moving average of $96.89. The firm has a market capitalization of $32.22 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.23 and a beta of 1.48.
State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. During the same quarter last year, the company earned $2.15 EPS. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.
State Street Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a $0.84 dividend. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. State Street's dividend payout ratio is 34.04%.
Insider Buying and Selling at State Street
In other State Street news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.
State Street Profile
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Free Report)
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.
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