Stevens Capital Management LP purchased a new stake in shares of State Street Co. (NYSE:STT - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 2,959 shares of the asset manager's stock, valued at approximately $290,000.
A number of other institutional investors have also added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC bought a new position in State Street during the 4th quarter worth $272,000. Charles Schwab Investment Management Inc. raised its position in shares of State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after acquiring an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after acquiring an additional 7,446 shares during the period. Merit Financial Group LLC bought a new stake in State Street in the fourth quarter valued at approximately $395,000. Finally, Raymond James Financial Inc. acquired a new stake in State Street during the 4th quarter valued at approximately $44,070,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have recently commented on STT. Keefe, Bruyette & Woods raised shares of State Street from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Citigroup decreased their price target on shares of State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research note on Monday. Morgan Stanley cut their price objective on shares of State Street from $142.00 to $139.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Wells Fargo & Company upped their price target on State Street from $108.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, January 2nd. Finally, StockNews.com cut State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, State Street currently has an average rating of "Hold" and an average target price of $101.87.
Read Our Latest Analysis on State Street
Insider Buying and Selling at State Street
In other State Street news, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares of the company's stock, valued at $10,002,300. The trade was 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.
State Street Stock Down 0.7 %
State Street stock traded down $0.62 during trading hours on Thursday, hitting $92.03. 288,576 shares of the stock traded hands, compared to its average volume of 2,062,378. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company has a market cap of $26.55 billion, a PE ratio of 11.17, a PEG ratio of 1.11 and a beta of 1.44. The firm's 50-day moving average price is $95.70 and its two-hundred day moving average price is $94.38. 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 (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 earnings per share. On average, research analysts forecast 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 will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's payout ratio is currently 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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