Bank of Montreal Can decreased its holdings in shares of State Street Corp (NYSE:STT) by 13.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 900,728 shares of the asset manager’s stock after selling 135,561 shares during the period. Bank of Montreal Can owned about 0.24% of State Street worth $87,920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Zions Bancorporation grew its position in shares of State Street by 318.0% during the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after acquiring an additional 795 shares during the period. Sabal Trust CO bought a new stake in shares of State Street during the 3rd quarter valued at $201,000. Trustmark National Bank Trust Department bought a new stake in shares of State Street during the 3rd quarter valued at $204,000. Tiemann Investment Advisors LLC bought a new stake in shares of State Street during the 3rd quarter valued at $204,000. Finally, KLCM Advisors Inc. bought a new stake in shares of State Street during the 2nd quarter valued at $205,000. 88.14% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on STT. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, January 12th. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Wednesday, January 10th. Jefferies Group reaffirmed a “hold” rating and issued a $107.00 target price on shares of State Street in a report on Tuesday, January 9th. Vining Sparks reaffirmed a “buy” rating and issued a $120.00 target price on shares of State Street in a report on Monday, January 8th. Finally, Barclays upped their target price on shares of State Street from $104.00 to $120.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $101.13.
In other State Street news, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total value of $32,568.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,724 shares of company stock worth $2,659,741. Corporate insiders own 0.71% of the company’s stock.
State Street Corp (STT) opened at $106.40 on Thursday. The firm has a market cap of $39,460.00, a price-to-earnings ratio of 18.41, a P/E/G ratio of 1.39 and a beta of 1.35. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street Corp has a 1-year low of $74.45 and a 1-year high of $108.50.
State Street (NYSE:STT) last issued its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.10. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. State Street’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.35 EPS. analysts expect that State Street Corp will post 6.27 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.58%. The ex-dividend date was Friday, December 29th. State Street’s payout ratio is currently 29.07%.
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State Street Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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