South Dakota Investment Council decreased its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 2.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 117,946 shares of the asset manager's stock after selling 3,301 shares during the period. South Dakota Investment Council's holdings in State Street were worth $10,560,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. raised its holdings in shares of State Street by 5.7% during the 4th quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager's stock valued at $737,162,000 after buying an additional 406,396 shares in the last quarter. Geode Capital Management LLC grew its position in shares of State Street by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager's stock worth $704,238,000 after buying an additional 24,617 shares during the last quarter. FMR LLC grew its position in shares of State Street by 14.2% in the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after buying an additional 870,849 shares during the last quarter. Northern Trust Corp grew its position in shares of State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after buying an additional 563,790 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager's stock valued at $335,884,000 after purchasing an additional 55,598 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.
State Street Trading Down 0.3%
Shares of NYSE STT traded down $0.36 during trading hours on Monday, hitting $108.15. 1,205,177 shares of the company traded hands, compared to its average volume of 2,110,300. The stock has a market capitalization of $30.84 billion, a price-to-earnings ratio of 12.14, a price-to-earnings-growth ratio of 1.21 and a beta of 1.45. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company's 50 day moving average price is $101.31 and its 200 day moving average price is $95.20. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $110.97.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating 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 company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter last year, the business posted $2.15 EPS. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.
State Street Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.11%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio is currently 34.04%.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on STT shares. Citigroup upped their price objective on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Morgan Stanley upped their price target on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. The Goldman Sachs Group increased their target price on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods lowered their target price on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Finally, Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $112.00.
Check Out Our Latest Analysis on STT
Insider Buying and Selling at State Street
In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company's stock.
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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