AMP Capital Investors Ltd cut its position in State Street Corp (NYSE:STT) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 121,107 shares of the asset manager’s stock after selling 3,811 shares during the period. AMP Capital Investors Ltd’s holdings in State Street were worth $11,820,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Zions Bancorporation increased its position in shares of State Street by 318.0% in the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 795 shares during the last quarter. NuWave Investment Management LLC purchased a new stake in shares of State Street in the 4th quarter valued at approximately $107,000. Legacy Advisors LLC increased its position in shares of State Street by 835.8% in the 4th quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock valued at $112,000 after purchasing an additional 1,028 shares during the last quarter. Delpha Capital Management LLC purchased a new stake in shares of State Street in the 4th quarter valued at approximately $113,000. Finally, Focused Wealth Management Inc purchased a new stake in shares of State Street in the 4th quarter valued at approximately $117,000. 89.15% of the stock is currently owned by institutional investors.
A number of equities research analysts have commented on STT shares. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 price objective on the stock in a research report on Thursday, January 25th. Morgan Stanley increased their price objective on shares of State Street from $114.00 to $117.00 and gave the company an “equal weight” rating in a research report on Friday, February 2nd. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price for the company in a report on Wednesday, January 10th. Barclays upped their target price on shares of State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Finally, Jefferies Group restated a “hold” rating and issued a $107.00 target price on shares of State Street in a report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $108.33.
State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.98 billion. State Street had a return on equity of 13.41% and a net margin of 17.94%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS. analysts forecast that State Street Corp will post 7.68 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, April 2nd will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Thursday, March 29th. State Street’s dividend payout ratio is currently 28.38%.
In related news, insider Jeff D. Conway sold 747 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $103.07, for a total transaction of $76,993.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $108.17, for a total transaction of $1,108,526.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 49,531 shares of company stock valued at $5,146,169. 0.71% of the stock is owned by company insiders.
TRADEMARK VIOLATION WARNING: “AMP Capital Investors Ltd Sells 3,811 Shares of State Street Corp (STT)” was first reported by American Banking News and is the property of of American Banking News. If you are accessing this piece on another website, it was illegally copied and reposted in violation of United States & international copyright & trademark law. The original version of this piece can be accessed at https://www.americanbankingnews.com/2018/03/14/amp-capital-investors-ltd-sells-3811-shares-of-state-street-corp-stt.html.
About State Street
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.
Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.