Wells Fargo & Company MN grew its stake in shares of State Street Corp (NYSE:STT) by 17.3% in the 4th quarter, HoldingsChannel reports. The fund owned 1,060,002 shares of the asset manager’s stock after acquiring an additional 156,597 shares during the period. Wells Fargo & Company MN’s holdings in State Street were worth $103,467,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Zions Bancorporation increased its holdings in shares of State Street by 318.0% during the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after acquiring an additional 795 shares in the last quarter. NuWave Investment Management LLC bought a new stake in State Street in the 4th quarter worth about $107,000. Legacy Advisors LLC increased its holdings in State Street by 835.8% in the 4th quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock worth $112,000 after buying an additional 1,028 shares in the last quarter. BB&T Corp bought a new stake in State Street in the 4th quarter worth about $203,000. Finally, Trustmark National Bank Trust Department bought a new stake in State Street in the 3rd quarter worth about $204,000. Hedge funds and other institutional investors own 87.56% of the company’s stock.
State Street Corp (NYSE:STT) opened at $103.96 on Thursday. State Street Corp has a 12-month low of $75.27 and a 12-month high of $114.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.49. The firm has a market capitalization of $38,158.39, a PE ratio of 19.88, a PEG ratio of 1.69 and a beta of 1.31.
State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). State Street had a net margin of 17.94% and a return on equity of 13.41%. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same period in the previous year, the firm earned $1.48 earnings per share. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. sell-side analysts predict that State Street Corp will post 7.69 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.62%. State Street’s payout ratio is currently 32.12%.
In other news, CEO Joseph L. Hooley sold 33,568 shares of State Street stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $102.65, for a total transaction of $3,445,755.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeff D. Conway sold 747 shares of State Street stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $103.07, for a total value of $76,993.29. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,810 shares of company stock worth $3,882,978. Insiders own 0.71% of the company’s stock.
A number of equities research analysts have issued reports on the company. ValuEngine upgraded State Street from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research upgraded State Street from a “hold” rating to a “buy” rating and set a $126.00 price target for the company in a research note on Thursday, January 25th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price target for the company in a research note on Tuesday, December 12th. Bank of America boosted their price target on State Street from $108.00 to $118.00 and gave the company a “neutral” rating in a research note on Wednesday, January 24th. Finally, Morgan Stanley boosted their price target on State Street from $114.00 to $117.00 and gave the company an “equal weight” rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $106.69.
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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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