Diametric Capital LP bought a new stake in shares of State Street Co. (NYSE:STT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 4,002 shares of the asset manager's stock, valued at approximately $393,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of State Street by 0.6% during the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager's stock valued at $632,111,000 after buying an additional 41,442 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of State Street by 30.4% in 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 buying an additional 1,354,560 shares during the last quarter. Amundi grew its holdings in shares of State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager's stock worth $547,636,000 after acquiring an additional 561,773 shares during the period. Franklin Resources Inc. grew its holdings in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager's stock worth $335,884,000 after acquiring an additional 55,598 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in State Street by 21.2% in the fourth quarter. Nordea Investment Management AB now owns 2,180,504 shares of the asset manager's stock valued at $214,998,000 after acquiring an additional 381,260 shares during the period. Institutional investors own 87.44% of the company's stock.
Insider Transactions at State Street
In other State Street news, EVP Ann Fogarty sold 3,705 shares of the firm's 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 completion of the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.
Analyst Upgrades and Downgrades
STT has been the subject of a number of recent research reports. Evercore ISI cut their price target on State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a research note on Tuesday. Barclays boosted their target price on shares of State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Bank of America increased their price target on shares of State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $103.00 price objective (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company decreased their target price on State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, State Street has a consensus rating of "Hold" and an average target price of $102.07.
Read Our Latest Stock Report on STT
State Street Price Performance
STT traded down $6.95 on Thursday, hitting $82.64. 3,019,991 shares of the company's stock traded hands, compared to its average volume of 2,165,791. The company's 50 day simple moving average is $94.85 and its 200-day simple moving average is $94.62. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The firm has a market cap of $23.84 billion, a price-to-earnings 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 released its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.04 earnings per share. As a group, research analysts anticipate that State Street Co. will post 9.68 EPS for the current year.
State Street Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.68%. State Street's payout ratio is 36.89%.
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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