IFM Investors Pty Ltd grew its holdings in State Street Corp (NYSE:STT) by 41.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,709 shares of the asset manager’s stock after purchasing an additional 11,384 shares during the period. IFM Investors Pty Ltd’s holdings in State Street were worth $2,291,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. First Trust Advisors LP grew its holdings in shares of State Street by 25.7% in the second quarter. First Trust Advisors LP now owns 547,096 shares of the asset manager’s stock worth $30,670,000 after acquiring an additional 111,924 shares during the period. Arizona State Retirement System grew its holdings in shares of State Street by 9.8% in the second quarter. Arizona State Retirement System now owns 106,707 shares of the asset manager’s stock worth $5,982,000 after acquiring an additional 9,524 shares during the period. Asahi Life Asset Management CO. LTD. bought a new stake in shares of State Street in the second quarter worth $318,000. GSA Capital Partners LLP bought a new stake in shares of State Street in the second quarter worth $877,000. Finally, Arjuna Capital grew its holdings in shares of State Street by 65.7% in the second quarter. Arjuna Capital now owns 13,041 shares of the asset manager’s stock worth $731,000 after acquiring an additional 5,173 shares during the period. 92.22% of the stock is owned by institutional investors and hedge funds.
In other State Street news, Director Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $65.70, for a total transaction of $1,642,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hanley Ronald P. O acquired 7,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was acquired at an average price of $50.43 per share, for a total transaction of $353,010.00. Following the completion of the transaction, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at $6,416,461.05. The disclosure for this purchase can be found here. Insiders have sold 50,133 shares of company stock valued at $2,942,020 in the last three months. 0.40% of the stock is currently owned by corporate insiders.
Several analysts recently commented on the company. Bank of America lifted their price objective on State Street from $64.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, October 21st. UBS Group lifted their price objective on State Street from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Wells Fargo & Co set a $55.00 price objective on State Street and gave the stock a “hold” rating in a report on Friday, August 16th. Morgan Stanley lifted their price objective on State Street from $57.00 to $66.00 and gave the stock an “underweight” rating in a report on Tuesday, October 29th. Finally, ValuEngine raised State Street from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $69.02.
NYSE:STT traded down $0.14 during mid-day trading on Friday, hitting $72.52. 12,298 shares of the company traded hands, compared to its average volume of 2,198,714. The stock’s fifty day moving average price is $61.96 and its 200-day moving average price is $58.51. State Street Corp has a one year low of $48.62 and a one year high of $77.00. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.53. The firm has a market cap of $25.55 billion, a price-to-earnings ratio of 10.04, a price-to-earnings-growth ratio of 1.14 and a beta of 1.52.
State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.11. State Street had a return on equity of 11.34% and a net margin of 16.18%. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the previous year, the company posted $1.87 earnings per share. State Street’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities analysts predict that State Street Corp will post 5.8 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.87%. The ex-dividend date was Monday, September 30th. This is a positive change from State Street’s previous quarterly dividend of $0.47. State Street’s payout ratio is currently 28.81%.
About State Street
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.
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