BLB&B Advisors LLC purchased a new position in State Street Corp (NYSE:STT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 20,046 shares of the asset manager’s stock, valued at approximately $1,319,000.
A number of other institutional investors have also recently made changes to their positions in the business. Strs Ohio grew its stake in shares of State Street by 3.6% in the first quarter. Strs Ohio now owns 487,631 shares of the asset manager’s stock worth $32,090,000 after acquiring an additional 16,814 shares during the period. Providence Wealth Advisors LLC boosted its position in shares of State Street by 4.7% in the first quarter. Providence Wealth Advisors LLC now owns 14,173 shares of the asset manager’s stock worth $945,000 after purchasing an additional 631 shares during the period. Gulf International Bank UK Ltd boosted its position in shares of State Street by 8.7% in the first quarter. Gulf International Bank UK Ltd now owns 91,911 shares of the asset manager’s stock worth $6,048,000 after purchasing an additional 7,381 shares during the period. Pennsylvania Trust Co bought a new position in shares of State Street in the first quarter worth approximately $629,000. Finally, IFM Investors Pty Ltd boosted its position in shares of State Street by 9.6% in the first quarter. IFM Investors Pty Ltd now owns 23,467 shares of the asset manager’s stock worth $1,544,000 after purchasing an additional 2,055 shares during the period. 88.68% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Joseph L. Hooley sold 25,000 shares of the stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $70.63, for a total value of $1,765,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrew P. Kuritzkes sold 7,689 shares of the stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $69.97, for a total transaction of $537,999.33. Following the completion of the transaction, the executive vice president now directly owns 25,978 shares of the company’s stock, valued at $1,817,680.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,389 shares of company stock valued at $5,300,338. Insiders own 0.40% of the company’s stock.
State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, April 23rd. The asset manager reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.05. The business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.92 billion. State Street had a net margin of 18.77% and a return on equity of 13.44%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.62 earnings per share. Analysts predict that State Street Corp will post 6.45 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend was Friday, March 29th. State Street’s payout ratio is 26.04%.
A number of research firms have weighed in on STT. Zacks Investment Research lowered shares of State Street from a “hold” rating to a “sell” rating in a research report on Tuesday, March 19th. Morgan Stanley lowered their target price on shares of State Street from $88.00 to $84.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. ValuEngine downgraded shares of State Street from a “sell” rating to a “strong sell” rating in a research note on Friday, March 1st. Goldman Sachs Group downgraded shares of State Street from a “buy” rating to a “neutral” rating and set a $71.30 price target on the stock. in a research note on Tuesday, January 22nd. Finally, Keefe, Bruyette & Woods downgraded shares of State Street from a “market perform” rating to an “underperform” rating and decreased their price target for the company from $72.00 to $70.00 in a research note on Sunday, February 24th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $82.72.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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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