Clark Capital Management Group Inc. raised its position in shares of State Street Corp (NYSE:STT) by 8.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 448,625 shares of the asset manager’s stock after purchasing an additional 35,297 shares during the period. State Street comprises 1.3% of Clark Capital Management Group Inc.’s portfolio, making the stock its 17th biggest position. Clark Capital Management Group Inc. owned 0.12% of State Street worth $43,790,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Trust Advisors LP raised its position in shares of State Street by 7.9% in the 4th quarter. First Trust Advisors LP now owns 254,980 shares of the asset manager’s stock worth $24,889,000 after acquiring an additional 18,704 shares in the last quarter. California Public Employees Retirement System grew its stake in State Street by 0.7% during the 4th quarter. California Public Employees Retirement System now owns 1,073,380 shares of the asset manager’s stock valued at $104,773,000 after purchasing an additional 7,607 shares during the last quarter. Unio Capital LLC purchased a new stake in State Street during the 4th quarter valued at about $532,000. Amundi Pioneer Asset Management Inc. grew its stake in State Street by 7.4% during the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 696,179 shares of the asset manager’s stock valued at $66,513,000 after purchasing an additional 48,253 shares during the last quarter. Finally, Twin Capital Management Inc. grew its stake in State Street by 3.8% during the 4th quarter. Twin Capital Management Inc. now owns 90,250 shares of the asset manager’s stock valued at $8,809,000 after purchasing an additional 3,268 shares during the last quarter. 88.38% of the stock is owned by institutional investors and hedge funds.
Several analysts have weighed in on the company. 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. 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 target price on the stock in a research note on Thursday, January 25th. Keefe, Bruyette & Woods set a $120.00 target price on State Street and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Finally, Bank of America increased their price target on State Street from $108.00 to $118.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. Six 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 stock. The company presently has an average rating of “Buy” and an average target price of $108.33.
In other news, EVP Andrew P. Kuritzkes sold 10,248 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $108.17, for a total transaction of $1,108,526.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP George E. Sullivan sold 3,495 shares of State Street stock in a transaction on Friday, February 16th. The shares were sold at an average price of $103.07, for a total value of $360,229.65. Following the completion of the transaction, the executive vice president now owns 58,340 shares of the company’s stock, valued at $6,013,103.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,531 shares of company stock valued at $5,146,169. Company insiders own 0.71% of the company’s stock.
STT stock traded up $1.00 during trading hours on Wednesday, hitting $107.15. The company had a trading volume of 586,440 shares, compared to its average volume of 1,842,609. 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 0.49 and a current ratio of 0.49. The firm has a market capitalization of $38,908.74, a PE ratio of 20.30, a PEG ratio of 1.38 and a beta of 1.29.
State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.71 by ($0.10). The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.98 billion. State Street had a return on equity of 13.41% and a net margin of 17.94%. The company’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.48 earnings per share. sell-side analysts forecast that State Street Corp will post 7.68 EPS for the current year.
The company also recently declared 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 is Thursday, March 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.57%. State Street’s dividend payout ratio is currently 32.12%.
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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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