Amundi Pioneer Asset Management Inc. lessened its position in shares of State Street Corp (NYSE:STT) by 45.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 704,289 shares of the asset manager’s stock after selling 579,430 shares during the period. Amundi Pioneer Asset Management Inc. owned about 0.19% of State Street worth $46,351,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Pearl River Capital LLC bought a new position in State Street during the 4th quarter worth about $25,000. Harvest Group Wealth Management LLC bought a new position in shares of State Street in the 1st quarter valued at about $28,000. NuWave Investment Management LLC grew its holdings in shares of State Street by 3,180.0% in the 1st quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock valued at $33,000 after acquiring an additional 477 shares in the last quarter. Magellan Asset Management Ltd grew its holdings in shares of State Street by 80.1% in the 4th quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock valued at $33,000 after acquiring an additional 234 shares in the last quarter. Finally, Zions Bancorporation N.A. bought a new position in shares of State Street in the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 89.56% of the company’s stock.
Shares of NYSE:STT opened at $55.65 on Friday. State Street Corp has a 52-week low of $53.53 and a 52-week high of $95.68. The firm has a market cap of $20.90 billion, a P/E ratio of 7.71, a P/E/G ratio of 0.86 and a beta of 1.46. The firm has a 50-day moving average price of $57.96. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.45.
State Street (NYSE:STT) last issued its earnings results on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.05. State Street had a net margin of 18.77% and a return on equity of 13.44%. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same period last year, the business posted $1.62 EPS. State Street’s revenue was down 4.1% on a year-over-year basis. Equities research analysts anticipate that State Street Corp will post 6.14 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Investors of record on Monday, July 1st will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.88 annualized dividend and a yield of 3.38%. State Street’s dividend payout ratio (DPR) is currently 26.04%.
Several equities analysts have recently weighed in on STT shares. Deutsche Bank cut State Street from a “buy” rating to a “hold” rating and set a $69.95 price objective for the company. in a report on Thursday, March 14th. Morgan Stanley decreased their price objective on State Street from $84.00 to $76.00 and set an “overweight” rating for the company in a report on Wednesday, June 5th. Bank of America restated a “buy” rating and issued a $65.00 price objective (down previously from $75.00) on shares of State Street in a report on Thursday, June 6th. Wells Fargo & Co decreased their price objective on State Street from $75.00 to $63.00 and set a “market perform” rating for the company in a report on Wednesday, June 12th. Finally, Raymond James decreased their price objective on State Street from $84.00 to $68.00 and set a “strong-buy” rating for the company in a report on Wednesday, June 12th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $71.33.
In other news, Director Gregory L. Summe bought 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was acquired at an average cost of $64.50 per share, for a total transaction of $193,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total transaction of $1,580,500.00. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
Read More: Hold Rating
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