Gabelli Funds LLC Sells 17,105 Shares of State Street Corporation $STT

Key Points

• Gabelli Funds LLC cut its State Street stake by 3.9% in the fourth quarter, selling 17,105 shares and leaving it with 421,233 shares valued at about $54.3 million.
• Several analysts turned more positive on State Street (NYSE: STT), with multiple price target increases and a consensus rating of Moderate Buy; the average target price is $155.77.
• State Street reported strong quarterly results, beating earnings and revenue estimates, while also paying a $0.84 quarterly dividend that implies a 2.2% yield.

Gabelli Funds LLC reduced its stake in State Street Corporation (NYSE:STT - Free Report) by 3.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 421,233 shares of the asset manager's stock after selling 17,105 shares during the period. Gabelli Funds LLC owned 0.15% of State Street worth $54,343,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Chase Investment Counsel Corp bought a new position in shares of State Street in the 4th quarter worth $5,301,000. North Dakota State Investment Board bought a new position in shares of State Street in the 4th quarter worth $1,252,000. Elyxium Wealth LLC bought a new position in shares of State Street in the 4th quarter worth $55,000. Rossmore Private Capital boosted its position in shares of State Street by 66.7% in the 4th quarter. Rossmore Private Capital now owns 7,935 shares of the asset manager's stock worth $1,024,000 after purchasing an additional 3,175 shares during the last quarter. Finally, Abacus Wealth Partners LLC bought a new position in shares of State Street in the 4th quarter worth $1,358,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

STT has been the topic of several recent research reports. Seaport Research Partners restated a "buy" rating and issued a $170.00 price target on shares of State Street in a research report on Monday, April 20th. JPMorgan Chase & Co. raised their price target on State Street from $137.50 to $158.50 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods raised their price target on State Street from $157.00 to $175.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. Morgan Stanley raised their price target on State Street from $155.00 to $166.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. Finally, Citigroup raised their price target on State Street from $150.00 to $172.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, State Street currently has an average rating of "Moderate Buy" and a consensus target price of $155.77.

Insiders Place Their Bets

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael L. Richards sold 3,000 shares of the business's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 28,711 shares of company stock worth $3,933,032. Corporate insiders own 0.27% of the company's stock.

State Street Stock Performance

STT stock opened at $152.89 on Monday. The business's 50-day moving average price is $136.77 and its two-hundred day moving average price is $129.65. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a market cap of $42.32 billion, a PE ratio of 15.51, a P/E/G ratio of 0.84 and a beta of 1.45. State Street Corporation has a 1-year low of $94.19 and a 1-year high of $156.18.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping 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 return on equity of 14.22% and a net margin of 13.47%.The company's revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.04 earnings per share. As a group, research analysts forecast that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were issued a dividend of $0.84 per share. The ex-dividend date was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street's payout ratio is currently 34.08%.

About State Street

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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