Cornerstone Capital Management Holdings LLC. decreased its holdings in State Street Corp (NYSE:STT) by 19.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 336,827 shares of the asset manager’s stock after selling 81,366 shares during the period. Cornerstone Capital Management Holdings LLC. owned about 0.09% of State Street worth $32,876,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of STT. Nationwide Fund Advisors increased its holdings in shares of State Street by 38.8% in the 3rd quarter. Nationwide Fund Advisors now owns 311,211 shares of the asset manager’s stock worth $29,733,000 after purchasing an additional 86,945 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of State Street by 24.8% in the 3rd quarter. Victory Capital Management Inc. now owns 27,891 shares of the asset manager’s stock worth $2,665,000 after purchasing an additional 5,537 shares in the last quarter. Chicago Equity Partners LLC bought a new stake in shares of State Street in the 3rd quarter worth $334,000. Jennison Associates LLC bought a new stake in shares of State Street in the 3rd quarter worth $584,000. Finally, Retirement Systems of Alabama increased its holdings in shares of State Street by 5.8% in the 3rd quarter. Retirement Systems of Alabama now owns 181,426 shares of the asset manager’s stock worth $17,333,000 after purchasing an additional 9,952 shares in the last quarter. 89.15% of the stock is owned by institutional investors and hedge funds.
STT has been the subject of a number of research analyst reports. ValuEngine raised State Street from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $126.00 target price for the company in a report on Thursday, January 25th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a report on Tuesday, December 12th. Bank of America lifted their target price on State Street from $108.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. Finally, Morgan Stanley lifted their target price on State Street from $114.00 to $117.00 and gave the stock an “equal weight” rating in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $108.33.
State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.98 billion. State Street had a return on equity of 13.41% and a net margin of 17.94%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned $1.48 earnings per share. research analysts predict that State Street Corp will post 7.68 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, April 2nd will be given a dividend of $0.42 per share. The ex-dividend date is Thursday, March 29th. This represents a $1.68 annualized dividend and a yield of 1.57%. State Street’s dividend payout ratio (DPR) is presently 32.12%.
In related news, EVP Andrew P. Kuritzkes sold 10,248 shares of State Street 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Elizabeth Schaefer sold 1,473 shares of State Street stock in a transaction on Monday, February 26th. The shares were sold at an average price of $105.00, for a total value of $154,665.00. Following the transaction, the chief accounting officer now owns 9,362 shares in the company, valued at $983,010. The disclosure for this sale can be found here. Insiders have sold 49,531 shares of company stock worth $5,146,169 over the last quarter. 0.71% of the stock is owned by company insiders.
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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