Adviser Investments LLC purchased a new stake in shares of State Street Corp (NYSE:STT) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,449 shares of the asset manager’s stock, valued at approximately $145,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. NuWave Investment Management LLC bought a new stake in shares of State Street during the 4th quarter valued at $107,000. Motco increased its stake in State Street by 246.8% in the 1st quarter. Motco now owns 1,068 shares of the asset manager’s stock worth $107,000 after acquiring an additional 760 shares during the last quarter. Delpha Capital Management LLC bought a new position in State Street in the 4th quarter worth about $113,000. Focused Wealth Management Inc bought a new position in State Street in the 4th quarter worth about $117,000. Finally, Financial Gravity Companies Inc. bought a new position in State Street in the 4th quarter worth about $137,000. 87.98% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Karen C. Keenan sold 851 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total transaction of $85,763.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeff D. Conway sold 288 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total value of $29,024.64. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.
Shares of State Street opened at $98.36 on Thursday, MarketBeat Ratings reports. State Street Corp has a 52-week low of $86.80 and a 52-week high of $114.27. The company has a market capitalization of $36.63 billion, a PE ratio of 16.50, a PEG ratio of 1.29 and a beta of 1.27. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.56 and a quick ratio of 0.56.
State Street (NYSE:STT) last announced its earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.04. State Street had a return on equity of 14.23% and a net margin of 19.07%. The firm had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3 billion. During the same quarter in the prior year, the company earned $1.21 EPS. The business’s revenue was up 13.2% compared to the same quarter last year. equities research analysts forecast that State Street Corp will post 7.78 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 17th. Stockholders of record on Monday, July 2nd will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Friday, June 29th. State Street’s dividend payout ratio is currently 28.19%.
A number of equities analysts have recently issued reports on STT shares. Zacks Investment Research cut State Street from a “buy” rating to a “hold” rating in a report on Wednesday, June 6th. Deutsche Bank upgraded State Street from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a report on Monday, April 23rd. Sandler O’Neill reiterated a “hold” rating and issued a $104.00 price objective on shares of State Street in a report on Monday, April 9th. Keefe, Bruyette & Woods set a $115.00 price objective on State Street and gave the stock a “buy” rating in a report on Wednesday, April 4th. Finally, ValuEngine cut State Street from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. State Street has a consensus rating of “Buy” and an average price target of $111.29.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company 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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