Lighthouse Investment Partners LLC acquired a new position in shares of State Street Co. (NYSE:STT - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 125,422 shares of the asset manager's stock, valued at approximately $12,310,000.
Other institutional investors have also modified their holdings of the company. Flagship Harbor Advisors LLC purchased a new stake in shares of State Street during the 4th quarter worth $272,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of State Street by 3.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after purchasing an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of State Street by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after purchasing an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of State Street by 11.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after purchasing an additional 7,446 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of State Street during the 4th quarter worth $395,000. 87.44% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
STT has been the topic of several research analyst reports. Barclays cut their price target 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. The Goldman Sachs Group set a $98.00 price target on shares of State Street and gave the stock a "buy" rating in a research note on Thursday, April 17th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $103.00 price target (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Wells Fargo & Company cut their price target on shares of State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Finally, Citigroup cut their price target on shares of State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $102.15.
Get Our Latest Stock Report on State Street
Insider Transactions at State Street
In other news, Director Gregory L. Summe sold 10,815 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. The trade was a 9.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer now owns 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,820 shares of company stock worth $1,567,972 over the last ninety days. 0.29% of the stock is currently owned by company insiders.
State Street Stock Performance
NYSE STT traded down $0.10 during trading on Wednesday, reaching $97.68. The company's stock had a trading volume of 1,803,562 shares, compared to its average volume of 2,157,857. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market cap of $27.86 billion, a price-to-earnings ratio of 11.85, a P/E/G ratio of 1.11 and a beta of 1.42. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The business's fifty day moving average price is $86.74 and its 200-day moving average price is $93.74.
State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period in the previous year, the business posted $1.69 earnings per share. As a group, analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.
State Street Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.11%. State Street's dividend payout ratio (DPR) is 34.12%.
State Street Company 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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