Chase Investment Counsel Corp increased its holdings in State Street Corporation (NYSE:STT – Free Report) by 6.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 43,897 shares of the asset manager’s stock after buying an additional 2,804 shares during the period. State Street comprises approximately 1.5% of Chase Investment Counsel Corp’s holdings, making the stock its 23rd biggest position. Chase Investment Counsel Corp’s holdings in State Street were worth $5,555,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. Regents of The University of California raised its stake in State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after acquiring an additional 5,908,370 shares during the period. Morgan Stanley boosted its stake in State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after acquiring an additional 433,201 shares during the period. Victory Capital Management Inc. boosted its stake in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after acquiring an additional 1,074,174 shares during the period. Franklin Resources Inc. grew its holdings in shares of State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after purchasing an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock valued at $462,240,000 after purchasing an additional 835,331 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the company. Barclays raised their price target on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Evercore set a $200.00 target price on State Street in a research report on Monday. Bank of America raised their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of State Street from $158.50 to $176.50 and gave the company a “neutral” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.72.
Insider Transactions at State Street
In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 25,265 shares of company stock valued at $3,935,103. 0.27% of the stock is currently owned by corporate insiders.
State Street Stock Performance
STT opened at $183.39 on Wednesday. The business’s 50 day moving average is $167.13 and its 200-day moving average is $144.93. The stock has a market cap of $50.76 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 0.89 and a beta of 1.42. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51.
State Street (NYSE:STT – Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. The business’s revenue was up 23.3% on a year-over-year basis. On average, analysts predict that State Street Corporation will post 13.44 earnings per share for the current year.
State Street Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. State Street’s payout ratio is presently 32.45%.
About State Street
State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.
State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.
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