GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of State Street Co. (NYSE:STT - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,100 shares of the asset manager's stock, valued at approximately $304,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of STT. Bridgewater Associates LP increased its holdings in State Street by 202.6% in the fourth quarter. Bridgewater Associates LP now owns 600,433 shares of the asset manager's stock valued at $58,932,000 after buying an additional 402,027 shares during the last quarter. Ontario Teachers Pension Plan Board increased its holdings in shares of State Street by 27.4% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 10,149 shares of the asset manager's stock valued at $996,000 after acquiring an additional 2,182 shares during the last quarter. Canada Post Corp Registered Pension Plan acquired a new stake in shares of State Street during the 4th quarter valued at approximately $578,000. Rockefeller Capital Management L.P. lifted its stake in State Street by 5.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 26,052 shares of the asset manager's stock worth $2,552,000 after purchasing an additional 1,421 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in State Street by 32.2% in the fourth quarter. Sterling Capital Management LLC now owns 29,079 shares of the asset manager's stock worth $2,854,000 after purchasing an additional 7,087 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of analysts have weighed in on STT shares. StockNews.com cut shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Wells Fargo & Company cut their target price on shares of State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Citigroup dropped their price target on State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Evercore ISI lowered their price objective on State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Finally, JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 target price on the stock in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $103.54.
Get Our Latest Stock Analysis on STT
Insider Buying and Selling
In other State Street news, EVP Ann Fogarty sold 3,705 shares of the company'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 completion of the sale, the executive vice president now directly owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The transaction 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 State Street stock in a transaction that occurred on 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 transaction, the director now directly owns 100,023 shares in the company, valued at approximately $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 0.29% of the company's stock.
State Street Price Performance
NYSE:STT traded up $1.76 during midday trading on Friday, hitting $81.39. 5,521,939 shares of the stock were exchanged, compared to its average volume of 2,185,439. The company has a market capitalization of $23.49 billion, a price-to-earnings ratio of 9.88, a P/E/G ratio of 1.11 and a beta of 1.42. 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 business has a 50-day moving average price of $89.24 and a two-hundred day moving average price of $93.71.
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, topping analysts' consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter in the previous year, the business earned $1.69 EPS. Sell-side analysts predict that State Street Co. will post 9.68 EPS for the current year.
State Street Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a $0.76 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.74%. State Street's dividend payout ratio is currently 34.12%.
About State Street
(
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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