Addenda Capital Inc. lowered its position in shares of State Street Corp (NYSE:STT) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,671 shares of the asset manager’s stock after selling 5,150 shares during the period. Addenda Capital Inc.’s holdings in State Street were worth $8,559,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Beach Investment Management LLC. bought a new stake in shares of State Street during the second quarter worth $598,000. Oppenheimer & Co. Inc. raised its stake in State Street by 24.9% in the second quarter. Oppenheimer & Co. Inc. now owns 5,693 shares of the asset manager’s stock valued at $511,000 after buying an additional 1,134 shares during the period. Schroder Investment Management Group raised its stake in State Street by 73.8% in the second quarter. Schroder Investment Management Group now owns 3,128 shares of the asset manager’s stock valued at $281,000 after buying an additional 1,328 shares during the period. AXA raised its stake in State Street by 0.5% in the second quarter. AXA now owns 98,981 shares of the asset manager’s stock valued at $8,882,000 after buying an additional 500 shares during the period. Finally, Aberdeen Asset Management PLC UK increased its stake in shares of State Street by 14.8% during the second quarter. Aberdeen Asset Management PLC UK now owns 101,522 shares of the asset manager’s stock worth $9,109,000 after purchasing an additional 13,086 shares during the period. Institutional investors own 88.14% of the company’s stock.
A number of equities analysts have recently weighed in on STT shares. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Citigroup reiterated a “neutral” rating and set a $102.00 target price (up previously from $88.00) on shares of State Street in a research note on Monday, October 9th. Royal Bank of Canada reduced their price target on State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 24th. Morgan Stanley increased their price target on State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. Finally, ValuEngine downgraded State Street from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. One investment 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 a consensus rating of “Buy” and an average target price of $101.13.
Shares of State Street Corp (STT) traded down $1.35 during trading hours on Friday, reaching $105.05. The company had a trading volume of 2,504,300 shares, compared to its average volume of 1,615,617. The company has a market cap of $39,457.03, a price-to-earnings ratio of 18.21, a P/E/G ratio of 1.38 and a beta of 1.36. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48. State Street Corp has a twelve month low of $74.45 and a twelve month high of $108.50.
State Street (NYSE:STT) last announced its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.10. State Street had a return on equity of 13.03% and a net margin of 20.56%. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same period last year, the company earned $1.35 EPS. State Street’s revenue for the quarter was up 7.7% compared to the same quarter last year. equities analysts anticipate that State Street Corp will post 6.27 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd were given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.60%. The ex-dividend date was Friday, December 29th. State Street’s dividend payout ratio (DPR) is presently 29.12%.
In other news, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total value of $296,448.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,724 shares of company stock valued at $2,659,741. Corporate insiders own 0.71% of the company’s stock.
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About State Street
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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