Welch & Forbes LLC decreased its position in shares of State Street Corp (NYSE:STT) by 32.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 147,420 shares of the asset manager’s stock after selling 71,188 shares during the quarter. Welch & Forbes LLC’s holdings in State Street were worth $8,726,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of STT. BlackRock Inc. raised its holdings in shares of State Street by 7.0% in the 2nd quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock valued at $1,683,799,000 after acquiring an additional 1,975,332 shares in the last quarter. Longview Partners Guernsey LTD raised its holdings in shares of State Street by 34.2% in the 2nd quarter. Longview Partners Guernsey LTD now owns 20,398,955 shares of the asset manager’s stock valued at $1,143,565,000 after acquiring an additional 5,203,360 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of State Street by 24.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock valued at $670,607,000 after acquiring an additional 2,323,171 shares in the last quarter. Yacktman Asset Management LP raised its holdings in shares of State Street by 1.0% in the 2nd quarter. Yacktman Asset Management LP now owns 2,636,045 shares of the asset manager’s stock valued at $147,777,000 after acquiring an additional 26,230 shares in the last quarter. Finally, LSV Asset Management raised its holdings in shares of State Street by 9.6% in the 2nd quarter. LSV Asset Management now owns 2,149,169 shares of the asset manager’s stock valued at $120,482,000 after acquiring an additional 188,400 shares in the last quarter. Institutional investors own 89.84% of the company’s stock.
Shares of NYSE STT opened at $58.70 on Friday. The stock has a market cap of $20.74 billion, a price-to-earnings ratio of 8.92, a P/E/G ratio of 0.91 and a beta of 1.51. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.52. State Street Corp has a 1-year low of $48.62 and a 1-year high of $83.33. The stock’s 50-day moving average is $55.80 and its 200 day moving average is $58.93.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, July 19th. The asset manager reported $1.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.05. The company had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a return on equity of 12.13% and a net margin of 17.66%. State Street’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period last year, the firm posted $2.05 EPS. On average, analysts forecast that State Street Corp will post 5.72 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.54%. This is a boost from State Street’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, September 30th. State Street’s dividend payout ratio (DPR) is currently 28.81%.
In other news, CEO Hanley Ronald P. O acquired 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were bought at an average cost of $50.43 per share, with a total value of $353,010.00. Following the acquisition, the chief executive officer now owns 127,235 shares in the company, valued at approximately $6,416,461.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total value of $1,293,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 11,000 shares of company stock worth $577,375. 0.40% of the stock is currently owned by insiders.
STT has been the topic of several recent analyst reports. Royal Bank of Canada lowered their price target on State Street from $80.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, June 19th. Raymond James lowered their price target on State Street from $72.00 to $69.00 and set a “strong-buy” rating on the stock in a report on Friday. Deutsche Bank lowered their price target on State Street from $55.00 to $53.00 and set a “hold” rating on the stock in a report on Wednesday, August 21st. UBS Group raised their price target on State Street from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Finally, Morgan Stanley lowered their price target on State Street from $58.00 to $55.00 and set an “underweight” rating on the stock in a report on Friday, October 4th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. State Street has an average rating of “Hold” and a consensus price target of $67.55.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; 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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