Franklin Resources Inc. trimmed its position in shares of State Street Corp (NYSE:STT) by 0.6% in the 4th quarter, according to the company in its most recent disclosure 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 about 0.18% of State Street worth $65,783,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in STT. Capital International Investors increased its holdings in shares of State Street by 63.3% during the third quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock valued at $551,383,000 after acquiring an additional 2,237,595 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in State Street by 44.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock worth $427,133,000 after buying an additional 1,383,249 shares during the period. Old Mutual Global Investors UK Ltd. increased its holdings in State Street by 247.9% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 1,717,897 shares of the asset manager’s stock worth $167,683,000 after buying an additional 1,224,171 shares during the period. JPMorgan Chase & Co. increased its holdings in State Street by 27.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,908,094 shares of the asset manager’s stock worth $278,625,000 after buying an additional 630,368 shares during the period. Finally, Amundi Pioneer Asset Management Inc. increased its holdings in State Street by 65.9% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,154,778 shares of the asset manager’s stock worth $112,719,000 after buying an additional 458,599 shares during the period. 88.39% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on STT. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research report on Tuesday, December 12th. Barclays upped their price objective on State Street from $104.00 to $120.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating and set a $109.00 target price on the stock. in a research report on Friday, January 5th. Vining Sparks reiterated a “buy” rating and set a $120.00 target price on shares of State Street in a research report on Monday, January 8th. Finally, Jefferies Group restated a “hold” rating and issued a $107.00 price objective on shares of State Street in a report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $111.86.
NYSE STT traded down $3.08 during trading on Friday, hitting $97.49. The stock had a trading volume of 1,565,307 shares, compared to its average volume of 1,687,785. The company has a market cap of $35,842.49, a P/E ratio of 16.36, a P/E/G ratio of 1.27 and a beta of 1.31. 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 Corp has a twelve month low of $76.95 and a twelve month high of $114.27.
State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.71 by ($0.10). The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.48 EPS. analysts anticipate that State Street Corp will post 7.69 EPS for the current fiscal year.
The firm also recently announced 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. This represents a $1.68 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Thursday, March 29th. State Street’s payout ratio is 28.19%.
In other State Street news, CAO Elizabeth Schaefer sold 1,473 shares of State Street stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $105.00, for a total transaction of $154,665.00. Following the transaction, the chief accounting officer now owns 9,362 shares of the company’s stock, valued at $983,010. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of State Street stock in a transaction that occurred 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. In the last 90 days, insiders have sold 49,531 shares of company stock valued at $5,146,169. 0.71% of the stock is owned by company insiders.
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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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