Brandywine Global Investment Management LLC trimmed its holdings in State Street Co. (NYSE:STT - Free Report) by 6.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,399 shares of the asset manager's stock after selling 13,192 shares during the period. Brandywine Global Investment Management LLC owned 0.06% of State Street worth $17,510,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also added to or reduced their stakes in STT. Norges Bank bought a new position in State Street in the fourth quarter valued at approximately $161,021,000. Hotchkis & Wiley Capital Management LLC grew its holdings in State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager's stock worth $514,136,000 after acquiring an additional 1,354,560 shares during the last quarter. Amundi increased its position in State Street by 11.1% in the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager's stock valued at $547,636,000 after acquiring an additional 561,773 shares during the period. Wellington Management Group LLP raised its stake in shares of State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager's stock valued at $45,889,000 after acquiring an additional 462,201 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in State Street during the 4th quarter worth $44,070,000. Institutional investors and hedge funds own 87.44% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on STT. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Morgan Stanley decreased their target price on shares of State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a research report on Wednesday. Wolfe Research upgraded shares of State Street from an "underperform" rating to a "peer perform" rating in a report on Monday, January 27th. Bank of America increased their price objective on shares of State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday. Finally, Barclays lifted their target price on shares of State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, State Street presently has an average rating of "Hold" and an average price target of $102.07.
View Our Latest Research Report on STT
Insider Activity at State Street
In other State Street news, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.
State Street Stock Down 7.8 %
Shares of NYSE STT traded down $7.00 during midday trading on Thursday, hitting $82.59. 1,571,839 shares of the stock traded hands, compared to its average volume of 2,160,565. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The business has a 50 day moving average price of $94.85 and a two-hundred day moving average price of $94.62. 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 company has a market cap of $23.82 billion, a PE ratio of 10.03, a P/E/G ratio of 1.11 and a beta of 1.44.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.04 EPS. On average, equities analysts predict that State Street Co. will post 9.68 EPS for the current year.
State Street Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's payout ratio is currently 36.89%.
State Street Profile
(
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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