Gabelli Funds LLC trimmed its holdings in shares of State Street Corp (NYSE:STT) by 2.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 685,300 shares of the asset manager’s stock after selling 18,750 shares during the period. Gabelli Funds LLC owned about 0.19% of State Street worth $68,345,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of State Street by 0.4% during the 1st quarter. BlackRock Inc. now owns 21,649,269 shares of the asset manager’s stock worth $2,159,084,000 after purchasing an additional 84,710 shares during the period. Longview Partners Guernsey LTD increased its holdings in State Street by 0.9% in the 4th quarter. Longview Partners Guernsey LTD now owns 8,131,523 shares of the asset manager’s stock worth $793,718,000 after acquiring an additional 68,797 shares during the last quarter. Geode Capital Management LLC increased its holdings in State Street by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,678,627 shares of the asset manager’s stock worth $358,262,000 after acquiring an additional 94,428 shares during the last quarter. Boston Partners increased its holdings in State Street by 3.4% in the 1st quarter. Boston Partners now owns 2,791,369 shares of the asset manager’s stock worth $278,384,000 after acquiring an additional 92,692 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its holdings in State Street by 3.5% in the 4th quarter. TIAA CREF Investment Management LLC now owns 2,655,374 shares of the asset manager’s stock worth $259,191,000 after acquiring an additional 90,694 shares during the last quarter. Institutional investors own 87.98% of the company’s stock.
Several brokerages recently weighed in on STT. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating in a report on Wednesday, June 6th. Deutsche Bank raised 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 reissued 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 lowered 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 given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $111.29.
State Street traded down $0.10, reaching $98.26, during mid-day trading on Thursday, MarketBeat.com reports. 1,753,754 shares of the company traded hands, compared to its average volume of 1,717,404. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $36.63 billion, a PE ratio of 16.49, a PEG ratio of 1.29 and a beta of 1.27. State Street Corp has a 52-week low of $86.80 and a 52-week high of $114.27.
State Street (NYSE:STT) last posted its earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.04. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3 billion. State Street had a return on equity of 14.23% and a net margin of 19.07%. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 EPS. equities research analysts anticipate that State Street Corp will post 7.78 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 17th. Stockholders of record on Monday, July 2nd will be given a dividend of $0.42 per share. The ex-dividend date is Friday, June 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.71%. State Street’s dividend payout ratio (DPR) is presently 28.19%.
In other news, insider Jeff D. Conway sold 288 shares of State Street stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total transaction of $29,024.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Karen C. Keenan sold 851 shares of State Street stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total value of $85,763.78. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
About State Street
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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