Capital Group Private Client Services Inc. decreased its holdings in shares of State Street Co. (NYSE:STT - Free Report) by 1.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 468,019 shares of the asset manager's stock after selling 7,246 shares during the quarter. Capital Group Private Client Services Inc. owned about 0.16% of State Street worth $45,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in STT. Adero Partners LLC raised its stake in shares of State Street by 3.6% during the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager's stock valued at $285,000 after purchasing an additional 100 shares during the period. Peapack Gladstone Financial Corp increased its position in shares of State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager's stock valued at $467,000 after buying an additional 103 shares during the period. Jacobi Capital Management LLC lifted its holdings in shares of State Street by 1.0% in the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager's stock worth $1,201,000 after buying an additional 121 shares in the last quarter. Moors & Cabot Inc. boosted its position in shares of State Street by 0.7% in the fourth quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager's stock valued at $1,799,000 after acquiring an additional 131 shares during the period. Finally, Apollon Wealth Management LLC grew its stake in State Street by 1.4% during the fourth quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager's stock valued at $986,000 after acquiring an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.
State Street Stock Performance
Shares of STT stock opened at $81.39 on Friday. 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 Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company has a market capitalization of $23.49 billion, a P/E ratio of 9.88, a PEG ratio of 1.11 and a beta of 1.42. The stock has a 50 day moving average price of $89.58 and a two-hundred day moving average price of $93.75.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.30 billion. During the same quarter in the prior year, the company posted $1.69 EPS. Analysts expect that State Street Co. will post 9.68 earnings per share for the current year.
State Street Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend was Tuesday, April 1st. State Street's payout ratio is 36.89%.
Insiders Place Their Bets
In related news, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares of the company's stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have commented on STT. Evercore ISI cut their price target on shares of State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Morgan Stanley reduced their target price on State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. raised State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price target on the stock in a report on Friday, December 20th. Bank of America boosted their price objective on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a report on Wednesday, April 2nd. Finally, Wolfe Research raised shares of State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $103.54.
Read Our Latest Research Report on State Street
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.
Further Reading
Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Co. (NYSE:STT - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider State Street, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and State Street wasn't on the list.
While State Street currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
