Brandes Investment Partners LP cut its holdings in shares of State Street Corporation (NYSE:STT – Free Report) by 34.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 370,477 shares of the asset manager’s stock after selling 191,150 shares during the period. Brandes Investment Partners LP’s holdings in State Street were worth $47,796,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of STT. Norges Bank purchased a new stake in State Street during the fourth quarter worth about $303,483,000. Pinebridge Investments LLC purchased a new stake in State Street during the fourth quarter worth about $178,705,000. Two Sigma Investments LP increased its stake in State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after purchasing an additional 880,507 shares during the period. First Trust Advisors LP increased its stake in State Street by 36.8% during the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after purchasing an additional 738,456 shares during the period. Finally, Jupiter Asset Management Ltd. purchased a new stake in State Street during the third quarter worth about $62,092,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of analysts have issued reports on STT shares. Argus boosted their price target on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Evercore set a $158.00 price target on shares of State Street and gave the stock an “outperform” rating in a research note on Monday, April 20th. Bank of America upgraded shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a research note on Monday, April 6th. Barclays set a $165.00 target price on shares of State Street in a research note on Monday, April 20th. Finally, Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $158.57.
Insiders Place Their Bets
In related news, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the transaction, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at $9,251,403.20. The trade was a 13.40% decrease in their ownership of the stock. 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 ninety days, insiders sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by company insiders.
State Street Stock Performance
Shares of STT opened at $162.95 on Wednesday. The stock has a 50 day moving average price of $148.51 and a 200 day moving average price of $134.50. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $45.10 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. State Street Corporation has a 52-week low of $95.67 and a 52-week high of $164.05.
State Street (NYSE:STT – Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.04 earnings per share. Research analysts predict that State Street Corporation will post 12.35 EPS for the current fiscal year.
State Street Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio is 34.08%.
State Street Company Profile
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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