State of Tennessee Department of Treasury Raises Holdings in State Street Co. (NYSE:STT)

State of Tennessee Department of Treasury raised its position in State Street Co. (NYSE:STT - Free Report) by 7.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 144,400 shares of the asset manager's stock after purchasing an additional 9,385 shares during the period. State of Tennessee Department of Treasury's holdings in State Street were worth $14,173,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of STT. Wilmington Savings Fund Society FSB purchased a new stake in State Street during the 3rd quarter valued at about $1,125,000. Synovus Financial Corp grew its position in shares of State Street by 10.3% in the third quarter. Synovus Financial Corp now owns 13,321 shares of the asset manager's stock valued at $1,179,000 after purchasing an additional 1,247 shares in the last quarter. Peapack Gladstone Financial Corp increased its holdings in shares of State Street by 2.0% in the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager's stock valued at $467,000 after purchasing an additional 103 shares during the last quarter. Franklin Resources Inc. lifted its position in State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager's stock worth $306,116,000 after buying an additional 408,792 shares in the last quarter. Finally, Inspire Trust Co. N.A. boosted its stake in State Street by 5.9% during the third quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager's stock worth $3,165,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on STT. The Goldman Sachs Group set a $98.00 price target on State Street and gave the stock a "buy" rating in a report on Thursday, April 17th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Citigroup cut their price target on shares of State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Barclays decreased their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday. Finally, Evercore ISI cut their target price 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $102.15.

State Street Stock Performance

Shares of State Street stock opened at $83.74 on Wednesday. The stock has a market capitalization of $24.17 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. 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 business has a 50-day moving average of $88.58 and a 200 day moving average of $93.70. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00.

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, 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 analyst estimates of $3.30 billion. During the same quarter last year, the firm posted $1.69 earnings per share. As a group, sell-side analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders 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 dividend yield of 3.63%. The ex-dividend date of this dividend was Tuesday, April 1st. State Street's dividend payout ratio is currently 34.12%.

Insider Transactions at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of the business'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 transaction, the director now directly owns 100,023 shares of the company's stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.

State Street Profile

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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