DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main reduced its stake in shares of State Street Co. (NYSE:STT - Free Report) by 61.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,855 shares of the asset manager's stock after selling 124,067 shares during the quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main's holdings in State Street were worth $7,543,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the stock. Flagship Harbor Advisors LLC purchased a new stake in State Street in the 4th quarter worth about $272,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of State Street by 3.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock valued at $44,725,000 after buying an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after buying an additional 10,404 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after buying an additional 7,446 shares during the period. Finally, Merit Financial Group LLC bought a new stake in shares of State Street during the 4th quarter worth approximately $395,000. 87.44% of the stock is owned by institutional investors.
Insider Activity at State Street
In related news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were 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 $667,154.88. The trade was a 15.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,820 shares of company stock valued at $1,567,972 over the last 90 days. Insiders own 0.29% of the company's stock.
State Street Stock Up 2.3%
State Street stock traded up $2.18 during mid-day trading on Monday, reaching $95.99. 2,650,481 shares of the company were exchanged, compared to its average volume of 2,158,624. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The business has a fifty day moving average of $86.42 and a 200 day moving average of $93.68. The firm has a market cap of $27.37 billion, a P/E ratio of 11.65, a PEG ratio of 1.11 and a beta of 1.42. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.
State Street (NYSE:STT - Get Free Report) last posted its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 12.60% and a net margin of 12.14%. During the same quarter in the previous year, the firm earned $1.69 earnings per share. Research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.
State Street Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a dividend of $0.76 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.17%. State Street's dividend payout ratio (DPR) is presently 34.12%.
Wall Street Analyst Weigh In
STT has been the topic of several research analyst reports. Keefe, Bruyette & Woods cut their price objective on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Morgan Stanley cut their price target on shares of State Street from $139.00 to $132.00 and set an "overweight" rating on the stock in a report on Wednesday, April 2nd. StockNews.com lowered shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Wolfe Research upgraded shares of State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. Finally, The Goldman Sachs Group set a $98.00 price target on shares of State Street and gave the company a "buy" rating in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $102.15.
Read Our Latest Stock Analysis on State Street
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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