Gabelli Funds LLC trimmed its position in shares of State Street Corp (NYSE:STT) by 0.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 742,700 shares of the asset manager’s stock after selling 5,700 shares during the period. Gabelli Funds LLC’s holdings in State Street were worth $48,877,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Massachusetts Financial Services Co. MA grew its holdings in State Street by 6.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 29,664,538 shares of the asset manager’s stock valued at $1,870,942,000 after purchasing an additional 1,730,003 shares during the period. BlackRock Inc. grew its holdings in State Street by 19.2% during the fourth quarter. BlackRock Inc. now owns 27,075,321 shares of the asset manager’s stock valued at $1,707,639,000 after purchasing an additional 4,355,656 shares during the period. Vanguard Group Inc grew its holdings in State Street by 3.6% during the third quarter. Vanguard Group Inc now owns 26,171,489 shares of the asset manager’s stock valued at $2,192,648,000 after purchasing an additional 910,041 shares during the period. FMR LLC grew its holdings in State Street by 35.9% during the fourth quarter. FMR LLC now owns 18,222,073 shares of the asset manager’s stock valued at $1,149,266,000 after purchasing an additional 4,816,904 shares during the period. Finally, Harris Associates L P grew its holdings in State Street by 20.6% during the fourth quarter. Harris Associates L P now owns 8,200,705 shares of the asset manager’s stock valued at $517,219,000 after purchasing an additional 1,400,990 shares during the period. 88.68% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have weighed in on STT shares. Zacks Investment Research lowered State Street from a “hold” rating to a “strong sell” rating in a report on Monday, January 14th. ValuEngine lowered State Street from a “sell” rating to a “strong sell” rating in a report on Friday, March 1st. Credit Suisse Group reduced their price objective on State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a report on Tuesday, January 22nd. Raymond James raised State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 price target for the company in a report on Monday, January 14th. Finally, Keefe, Bruyette & Woods lowered State Street from a “market perform” rating to an “underperform” rating and cut their price target for the stock from $72.00 to $70.00 in a report on Sunday, February 24th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. State Street presently has an average rating of “Hold” and an average price target of $82.72.
In related news, CEO Hanley Ronald P. O sold 27,500 shares of State Street stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $71.82, for a total transaction of $1,975,050.00. Following the completion of the sale, the chief executive officer now owns 60,479 shares of the company’s stock, valued at $4,343,601.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction on Friday, February 15th. The shares were sold at an average price of $70.63, for a total value of $1,765,750.00. The disclosure for this sale can be found here. Insiders have sold 74,389 shares of company stock valued at $5,300,338 in the last three months. 0.40% of the stock is owned by corporate insiders.
State Street stock opened at $64.49 on Thursday. State Street Corp has a one year low of $57.87 and a one year high of $103.15. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a market capitalization of $24.25 billion, a PE ratio of 8.93, a P/E/G ratio of 0.98 and a beta of 1.37.
State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, April 23rd. The asset manager reported $1.24 EPS for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.05. State Street had a return on equity of 13.44% and a net margin of 18.77%. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period last year, the company earned $1.62 earnings per share. The business’s revenue for the quarter was down 4.1% on a year-over-year basis. Analysts anticipate that State Street Corp will post 6.45 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.92%. The ex-dividend date was Friday, March 29th. State Street’s dividend payout ratio is 26.04%.
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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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