Meeder Asset Management Inc. lowered its stake in shares of State Street Co. (NYSE:STT - Free Report) by 8.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 191,841 shares of the asset manager's stock after selling 17,550 shares during the period. State Street comprises about 1.3% of Meeder Asset Management Inc.'s portfolio, making the stock its 19th largest holding. Meeder Asset Management Inc. owned 0.07% of State Street worth $18,829,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also modified their holdings of the company. Adero Partners LLC boosted its position 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 worth $285,000 after purchasing an additional 100 shares during the period. Peapack Gladstone Financial Corp lifted its stake in State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager's stock worth $467,000 after purchasing an additional 103 shares in the last quarter. Jacobi Capital Management LLC lifted its stake in State Street by 1.0% during the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager's stock worth $1,201,000 after purchasing an additional 121 shares in the last quarter. Moors & Cabot Inc. grew its stake 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 buying an additional 131 shares in the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in State Street by 1.4% during the 4th 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 during the period. Institutional investors and hedge funds own 87.44% of the company's stock.
Wall Street Analysts Forecast Growth
STT has been the subject of several recent analyst reports. Citigroup decreased their target price on State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Bank of America increased their target price on shares of State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a research report on Wednesday. Morgan Stanley cut their target price on State Street from $139.00 to $132.00 and set an "overweight" rating on the stock in a research report on Wednesday. Wolfe Research raised shares of State Street from an "underperform" rating to a "peer perform" rating in a research report on Monday, January 27th. Finally, Barclays boosted their price target on State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $101.07.
Read Our Latest Research Report on STT
Insider Activity at State Street
In other news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now directly owns 50,816 shares of the company's stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.
State Street Price Performance
Shares of STT traded down $4.99 during midday trading on Friday, reaching $77.84. The stock had a trading volume of 930,279 shares, compared to its average volume of 2,163,453. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market capitalization of $22.45 billion, a P/E ratio of 9.41, a P/E/G ratio of 1.11 and a beta of 1.42. The firm's 50 day moving average price is $94.55 and its 200-day moving average price is $94.53. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00.
State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.04 EPS. On average, analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.
State Street Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.91%. State Street's dividend payout ratio is 36.89%.
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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