Franklin Resources Inc. decreased its holdings in State Street Corp (NYSE:STT) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 673,930 shares of the asset manager’s stock after selling 4,046 shares during the quarter. Franklin Resources Inc. owned approximately 0.18% of State Street worth $65,783,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Zions Bancorporation raised its position in State Street by 318.0% in the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 795 shares during the last quarter. NuWave Investment Management LLC bought a new position in State Street in the 4th quarter valued at $107,000. Legacy Advisors LLC raised its position in State Street by 835.8% in the 4th quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock valued at $112,000 after purchasing an additional 1,028 shares during the last quarter. Delpha Capital Management LLC bought a new position in State Street in the 4th quarter valued at $113,000. Finally, Focused Wealth Management Inc bought a new position in State Street in the 4th quarter valued at $117,000. Hedge funds and other institutional investors own 89.15% of the company’s stock.
Shares of State Street Corp (NYSE:STT) opened at $106.87 on Friday. The company has a market capitalization of $39,450.00, a price-to-earnings ratio of 18.05, a PEG ratio of 1.38 and a beta of 1.29. State Street Corp has a 52 week low of $75.27 and a 52 week high of $114.27. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.49 and a quick ratio of 0.49.
State Street (NYSE:STT) last released its earnings results on Tuesday, January 23rd. The asset manager reported $1.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.71 by ($0.10). The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the business posted $1.48 earnings per share. sell-side analysts predict that State Street Corp will post 7.68 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, April 2nd will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, March 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.57%. State Street’s dividend payout ratio (DPR) is presently 28.38%.
In related news, insider Jeff D. Conway sold 747 shares of State Street stock in a transaction on Friday, February 16th. The stock was sold at an average price of $103.07, for a total transaction of $76,993.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of State Street stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $108.17, for a total value of $1,108,526.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,531 shares of company stock valued at $5,146,169. 0.71% of the stock is owned by insiders.
Several equities analysts have issued reports on STT shares. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research report on Tuesday, December 12th. Barclays lifted their price objective on State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Zacks Investment Research downgraded State Street from a “buy” rating to a “hold” rating and set a $109.00 price objective for the company. in a research report on Friday, January 5th. Vining Sparks reiterated a “buy” rating and issued a $120.00 price objective on shares of State Street in a research report on Monday, January 8th. Finally, Jefferies Group reiterated a “hold” rating and issued a $107.00 price objective on shares of State Street in a research report on Tuesday, January 9th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $108.33.
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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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