Keybank National Association OH cut its holdings in shares of State Street Corp (NYSE:STT) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,586 shares of the asset manager’s stock after selling 4,452 shares during the period. Keybank National Association OH’s holdings in State Street were worth $2,876,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of STT. CWM LLC boosted its position in State Street by 693.4% during the 2nd quarter. CWM LLC now owns 484 shares of the asset manager’s stock worth $27,000 after buying an additional 423 shares during the period. Putnam FL Investment Management Co. acquired a new stake in State Street during the 2nd quarter worth approximately $28,000. Massmutual Trust Co. FSB ADV acquired a new stake in State Street during the 2nd quarter worth approximately $31,000. Reilly Financial Advisors LLC boosted its position in State Street by 91.7% during the 3rd quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock worth $37,000 after buying an additional 300 shares during the period. Finally, NuWave Investment Management LLC boosted its position in State Street by 50.8% during the 2nd quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock worth $42,000 after buying an additional 250 shares during the period. Institutional investors and hedge funds own 92.22% of the company’s stock.
In related news, Director Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $65.70, for a total value of $1,642,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hanley Ronald P. O purchased 7,000 shares of State Street stock in a transaction that occurred on Thursday, August 29th. The stock was acquired at an average cost of $50.43 per share, with a total value of $353,010.00. Following the transaction, the chief executive officer now owns 127,235 shares in the company, valued at approximately $6,416,461.05. The disclosure for this purchase can be found here. In the last three months, insiders sold 68,009 shares of company stock valued at $4,229,092. 0.40% of the stock is currently owned by insiders.
Shares of NYSE:STT traded up $0.44 during mid-day trading on Friday, hitting $73.10. The company had a trading volume of 2,326,431 shares, compared to its average volume of 2,817,832. The firm has a fifty day moving average price of $62.19 and a 200 day moving average price of $58.53. State Street Corp has a one year low of $48.62 and a one year high of $77.00. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.48 and a quick ratio of 0.48. The company has a market capitalization of $25.55 billion, a PE ratio of 10.12, a price-to-earnings-growth ratio of 1.14 and a beta of 1.52.
State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.11. State Street had a net margin of 16.18% and a return on equity of 11.34%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter last year, the firm posted $1.87 EPS. State Street’s revenue was down 2.9% compared to the same quarter last year. Research analysts expect that State Street Corp will post 5.8 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were given a $0.52 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.08 annualized dividend and a yield of 2.85%. This is an increase from State Street’s previous quarterly dividend of $0.47. State Street’s dividend payout ratio (DPR) is presently 28.81%.
Several research firms recently commented on STT. ValuEngine upgraded shares of State Street from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. UBS Group raised their price target on shares of State Street from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods restated an “underperform” rating and set a $68.00 price target (up previously from $60.00) on shares of State Street in a report on Monday, October 21st. Wells Fargo & Co set a $55.00 price target on shares of State Street and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, Deutsche Bank upgraded shares of State Street from a “hold” rating to a “buy” rating and lifted their price objective for the company from $64.00 to $81.00 in a research note on Wednesday. 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. State Street currently has a consensus rating of “Hold” and a consensus target price of $69.02.
State Street Company 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.
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