Verition Fund Management LLC raised its position in shares of State Street Corp (NYSE:STT) by 146.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,232 shares of the asset manager’s stock after purchasing an additional 19,141 shares during the period. Verition Fund Management LLC’s holdings in State Street were worth $3,214,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of 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 in the last quarter. Artisan Partners Limited Partnership raised its stake in shares of State Street by 5.8% during the 1st quarter. Artisan Partners Limited Partnership now owns 5,338,389 shares of the asset manager’s stock worth $532,398,000 after purchasing an additional 294,789 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of State Street by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,678,627 shares of the asset manager’s stock worth $358,262,000 after purchasing an additional 94,428 shares in the last quarter. Fayez Sarofim & Co raised its stake in shares of State Street by 8.5% during the 1st quarter. Fayez Sarofim & Co now owns 3,045,545 shares of the asset manager’s stock worth $303,732,000 after purchasing an additional 239,843 shares in the last quarter. Finally, Boston Partners raised its stake in shares of State Street by 3.4% during the 1st quarter. Boston Partners now owns 2,791,369 shares of the asset manager’s stock worth $278,384,000 after purchasing an additional 92,692 shares in the last quarter. 87.98% of the stock is owned by institutional investors.
A number of research firms have recently weighed in on STT. Zacks Investment Research downgraded State Street from a “buy” rating to a “hold” rating in a research note on Wednesday, June 6th. Deutsche Bank raised State Street from a “hold” rating to a “buy” rating and set a $108.00 price target for the company in a research note on Monday, April 23rd. Sandler O’Neill reaffirmed a “hold” rating and set a $104.00 price target on shares of State Street in a research note on Monday, April 9th. Keefe, Bruyette & Woods set a $115.00 price target on State Street and gave the stock a “buy” rating in a research note on Wednesday, April 4th. Finally, ValuEngine downgraded State Street from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Seven equities research 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. The company currently has a consensus rating of “Buy” and an average target price of $111.29.
Shares of NYSE STT opened at $97.90 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.57. The stock has a market cap of $36.63 billion, a PE ratio of 16.43, a P/E/G 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 issued its quarterly earnings data on Friday, April 20th. The asset manager reported $1.62 EPS for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.04. The business had revenue of $3.02 billion for 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 firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.21 EPS. research analysts expect that State Street Corp will post 7.78 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 17th. Stockholders of record on Monday, July 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Friday, June 29th. State Street’s dividend payout ratio is 28.19%.
In other State Street news, insider Jeff D. Conway sold 288 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 value of $29,024.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Karen C. Keenan sold 851 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 $85,763.78. 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. 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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