Clark Capital Management Group Inc. boosted its holdings in State Street Corp (NYSE:STT) by 8.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 448,625 shares of the asset manager’s stock after purchasing an additional 35,297 shares during the quarter. State Street comprises 1.3% of Clark Capital Management Group Inc.’s investment portfolio, making the stock its 17th largest holding. Clark Capital Management Group Inc. owned 0.12% of State Street worth $43,790,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. First Trust Advisors LP raised its position in State Street by 7.9% in the 4th quarter. First Trust Advisors LP now owns 254,980 shares of the asset manager’s stock valued at $24,889,000 after purchasing an additional 18,704 shares during the last quarter. California Public Employees Retirement System raised its position in State Street by 0.7% in the 4th quarter. California Public Employees Retirement System now owns 1,073,380 shares of the asset manager’s stock valued at $104,773,000 after purchasing an additional 7,607 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its position in State Street by 7.4% in the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 696,179 shares of the asset manager’s stock valued at $66,513,000 after purchasing an additional 48,253 shares during the last quarter. Twin Capital Management Inc. raised its position in State Street by 3.8% in the 4th quarter. Twin Capital Management Inc. now owns 90,250 shares of the asset manager’s stock valued at $8,809,000 after purchasing an additional 3,268 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in State Street in the 3rd quarter valued at $2,040,000. Hedge funds and other institutional investors own 89.15% of the company’s stock.
Several research firms recently commented on STT. Morgan Stanley upped their price target 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. ValuEngine upgraded shares of State Street from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 price target for the company in a research report on Thursday, January 25th. Keefe, Bruyette & Woods set a $120.00 price objective on shares of State Street and gave the company a “buy” rating in a research note on Tuesday, January 23rd. Finally, Bank of America boosted their price objective on shares of State Street from $108.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, January 24th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. State Street has an average rating of “Buy” and an average price target of $108.33.
State Street Corp (NYSE:STT) traded down $0.17 during trading hours on Wednesday, hitting $107.16. 83,023 shares of the stock were exchanged, compared to its average volume of 1,855,167. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.49 and a current ratio of 0.49. State Street Corp has a fifty-two week low of $75.27 and a fifty-two week high of $114.27. The firm has a market cap of $40,011.70, a PE ratio of 20.52, a PEG ratio of 1.42 and a beta of 1.29.
State Street (NYSE:STT) last posted 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). State Street had a return on equity of 13.41% and a net margin of 17.94%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.98 billion. During the same period last year, the company earned $1.48 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. analysts forecast that State Street Corp will post 7.68 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, April 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend 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 32.12%.
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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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