Arcadia Investment Management Corp MI reduced its position in shares of State Street Corp (NYSE:STT) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,800 shares of the asset manager’s stock after selling 300 shares during the period. Arcadia Investment Management Corp MI’s holdings in State Street were worth $580,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in STT. World Asset Management Inc raised its holdings in shares of State Street by 4.9% during the 3rd quarter. World Asset Management Inc now owns 27,199 shares of the asset manager’s stock worth $1,610,000 after buying an additional 1,279 shares in the last quarter. Marquette Asset Management LLC bought a new stake in State Street during the 3rd quarter worth $479,000. Calamos Advisors LLC grew its position in shares of State Street by 9.5% in the 3rd quarter. Calamos Advisors LLC now owns 79,160 shares of the asset manager’s stock valued at $4,685,000 after buying an additional 6,864 shares during the last quarter. Brinker Capital Inc. grew its position in shares of State Street by 16.8% in the 3rd quarter. Brinker Capital Inc. now owns 22,017 shares of the asset manager’s stock valued at $1,306,000 after buying an additional 3,161 shares during the last quarter. Finally, Whittier Trust Co. grew its position in shares of State Street by 268.7% in the 3rd quarter. Whittier Trust Co. now owns 9,867 shares of the asset manager’s stock valued at $584,000 after buying an additional 7,191 shares during the last quarter. 89.92% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Jeffrey N. Carp sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $51.72, for a total transaction of $1,293,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Saint-Aignan Patrick De purchased 500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were acquired at an average cost of $58.75 per share, with a total value of $29,375.00. Following the completion of the transaction, the director now directly owns 29,293 shares of the company’s stock, valued at approximately $1,720,963.75. The disclosure for this purchase can be found here. Over the last three months, insiders bought 10,500 shares of company stock valued at $547,950. Company insiders own 0.40% of the company’s stock.
STT has been the topic of a number of analyst reports. ValuEngine upgraded State Street from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley upped their price target on State Street from $55.00 to $57.00 and gave the company an “underweight” rating in a research report on Monday. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $68.00 price target (up previously from $60.00) on shares of State Street in a research report on Monday. UBS Group upped their price target on State Street from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Wells Fargo & Co set a $55.00 target price on State Street and gave the company a “hold” rating in a research report on Friday, August 16th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. State Street presently has a consensus rating of “Hold” and a consensus target price of $66.38.
Shares of State Street stock opened at $66.05 on Wednesday. State Street Corp has a one year low of $48.62 and a one year high of $77.00. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.48 and a quick ratio of 0.48. The stock’s 50-day moving average is $58.19 and its 200 day moving average is $58.67. The firm has a market cap of $23.60 billion, a price-to-earnings ratio of 9.15, a PEG ratio of 1.04 and a beta of 1.51.
State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.11. State Street had a return on equity of 11.34% and a net margin of 16.18%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the prior year, the business earned $1.87 EPS. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that State Street Corp will post 5.71 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were paid a $0.52 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from State Street’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a dividend yield of 3.15%. State Street’s dividend payout ratio is 28.81%.
State Street Profile
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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