Korea Investment CORP increased its position in shares of State Street Corp (NYSE:STT) by 1.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 269,096 shares of the asset manager’s stock after purchasing an additional 4,891 shares during the period. Korea Investment CORP owned 0.07% of State Street worth $26,837,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in STT. Old Mutual Global Investors UK Ltd. raised its position in shares of State Street by 247.9% during the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 1,717,897 shares of the asset manager’s stock valued at $167,683,000 after purchasing an additional 1,224,171 shares during the period. Robeco Institutional Asset Management B.V. increased its holdings in State Street by 371.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 845,363 shares of the asset manager’s stock valued at $84,323,000 after acquiring an additional 666,148 shares during the last quarter. 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 valued at $112,719,000 after acquiring an additional 458,599 shares during the last quarter. Cornerstone Investment Partners LLC increased its holdings in State Street by 88.6% in the 4th quarter. Cornerstone Investment Partners LLC now owns 956,550 shares of the asset manager’s stock valued at $93,369,000 after acquiring an additional 449,369 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in State Street by 62.5% in the 4th quarter. Millennium Management LLC now owns 1,034,357 shares of the asset manager’s stock valued at $100,964,000 after acquiring an additional 397,706 shares during the last quarter. Hedge funds and other institutional investors own 88.79% of the company’s stock.
In other State Street news, CAO Elizabeth Schaefer sold 1,473 shares of State Street stock in a transaction on Monday, February 26th. The shares were sold at an average price of $105.00, for a total value of $154,665.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,362 shares of the company’s stock, valued at approximately $983,010. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Karen C. Keenan sold 851 shares of State Street stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $100.78, for a total transaction of $85,763.78. The disclosure for this sale can be found here. Insiders sold a total of 12,860 shares of company stock valued at $1,377,980 over the last three months. Corporate insiders own 0.40% of the company’s stock.
Shares of State Street opened at $99.32 on Friday, MarketBeat Ratings reports. State Street Corp has a 52 week low of $79.77 and a 52 week high of $114.27. The firm has a market capitalization of $36.29 billion, a price-to-earnings ratio of 14.54, a price-to-earnings-growth ratio of 1.28 and a beta of 1.32. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.56 and a quick ratio of 0.56.
State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 20th. The asset manager reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. State Street had a net margin of 19.07% and a return on equity of 14.23%. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same period last year, the company posted $1.21 EPS. The business’s revenue was up 13.2% on a year-over-year basis. research analysts expect that State Street Corp will post 7.78 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 17th. Shareholders of record on Monday, July 2nd will be paid a $0.42 dividend. The ex-dividend date is Friday, June 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. State Street’s payout ratio is currently 28.19%.
STT has been the topic of a number of research reports. ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Deutsche Bank reduced their price target on shares of State Street from $114.00 to $108.00 and set a “hold” rating on the stock in a report on Friday, April 6th. Bank of America lifted their price target on shares of State Street from $108.00 to $118.00 and gave the company a “neutral” rating in a report on Wednesday, January 24th. Buckingham Research lifted their price target on shares of State Street from $124.00 to $131.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. Finally, Sandler O’Neill reiterated a “hold” rating and issued a $104.00 price target on shares of State Street in a report on Monday, April 9th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $110.27.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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