Gulf International Bank UK Ltd cut its position in State Street Co. (NYSE:STT – Free Report) by 11.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,625 shares of the asset manager’s stock after selling 3,626 shares during the quarter. Gulf International Bank UK Ltd’s holdings in State Street were worth $2,139,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Wyoming increased its position in State Street by 51.3% during the 2nd quarter. State of Wyoming now owns 619 shares of the asset manager’s stock worth $45,000 after purchasing an additional 210 shares in the last quarter. Covestor Ltd increased its position in State Street by 69.2% during the 1st quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock worth $50,000 after purchasing an additional 234 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in State Street during the 4th quarter worth approximately $51,000. IFP Advisors Inc grew its holdings in State Street by 24.9% during the 2nd quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock worth $54,000 after acquiring an additional 146 shares during the last quarter. Finally, Savior LLC grew its holdings in State Street by 90.4% during the 3rd quarter. Savior LLC now owns 857 shares of the asset manager’s stock worth $57,000 after acquiring an additional 407 shares during the last quarter. 89.62% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods reduced their target price on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. UBS Group upped their price objective on shares of State Street from $70.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, January 9th. Barclays upped their price objective on shares of State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. The Goldman Sachs Group raised shares of State Street from a “neutral” rating to a “buy” rating and upped their price objective for the company from $69.00 to $92.00 in a research note on Wednesday, January 3rd. Finally, Bank of America reaffirmed an “underperform” rating and issued a $81.00 price objective on shares of State Street in a research note on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $81.83.
Read Our Latest Analysis on State Street
State Street Stock Performance
NYSE STT opened at $75.93 on Friday. State Street Co. has a 52-week low of $62.78 and a 52-week high of $81.37. The company has a 50-day simple moving average of $73.45 and a 200 day simple moving average of $71.49. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market capitalization of $22.93 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 1.30 and a beta of 1.52.
State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings data on Friday, January 19th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. State Street had a net margin of 10.59% and a return on equity of 11.86%. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the company posted $2.07 earnings per share. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. On average, research analysts predict that State Street Co. will post 7.83 EPS for the current year.
State Street Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Monday, April 1st will be issued a dividend of $0.69 per share. The ex-dividend date is Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a yield of 3.63%. State Street’s dividend payout ratio (DPR) is presently 50.27%.
Insiders Place Their Bets
In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the completion of the transaction, the executive vice president now owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the completion of the transaction, the executive vice president now owns 17,737 shares of the company’s stock, valued at $1,294,801. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock worth $1,390,597 over the last quarter. 0.25% of the stock is currently owned by company insiders.
About State Street
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.
Further Reading
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