Advisor Group Inc. cut its position in State Street Corp (NYSE:STT) by 4.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,118 shares of the asset manager’s stock after selling 1,948 shares during the quarter. Advisor Group Inc.’s holdings in State Street were worth $3,818,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nationwide Fund Advisors lifted its position in shares of State Street by 38.8% during the 3rd quarter. Nationwide Fund Advisors now owns 311,211 shares of the asset manager’s stock valued at $29,733,000 after acquiring an additional 86,945 shares during the period. Victory Capital Management Inc. lifted its position in shares of State Street by 24.8% during the 3rd quarter. Victory Capital Management Inc. now owns 27,891 shares of the asset manager’s stock valued at $2,665,000 after acquiring an additional 5,537 shares during the period. Chicago Equity Partners LLC bought a new stake in shares of State Street during the 3rd quarter valued at $334,000. Jennison Associates LLC bought a new stake in shares of State Street during the 3rd quarter valued at $584,000. Finally, Retirement Systems of Alabama lifted its position in shares of State Street by 5.8% during the 3rd quarter. Retirement Systems of Alabama now owns 181,426 shares of the asset manager’s stock valued at $17,333,000 after acquiring an additional 9,952 shares during the period. Institutional investors and hedge funds own 89.15% of the company’s stock.
In other State Street news, CEO Joseph L. Hooley sold 33,568 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $102.65, for a total value of $3,445,755.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $108.17, for a total value of $1,108,526.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,531 shares of company stock valued at $5,146,169. Insiders own 0.71% of the company’s stock.
State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.10). State Street had a return on equity of 13.41% and a net margin of 17.94%. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.98 billion. During the same period last year, the firm posted $1.48 EPS. State Street’s quarterly revenue was up 8.5% on a year-over-year basis. research analysts expect that State Street Corp will post 7.68 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Monday, April 2nd will be issued a $0.42 dividend. The ex-dividend date is Thursday, March 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.57%. State Street’s payout ratio is presently 28.38%.
A number of research firms have recently weighed in on STT. Zacks Investment Research downgraded State Street from a “buy” rating to a “hold” rating and set a $109.00 target price for the company. in a research report on Friday, January 5th. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Wednesday, January 10th. Morgan Stanley upped their target price on State Street from $105.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday, January 25th. Barclays upped their target price on State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $114.00 target price on shares of State Street in a research report on Friday, December 22nd. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. State Street currently has a consensus rating of “Buy” and an average target price of $108.33.
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State Street Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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