Sumitomo Life Insurance Co. reduced its position in shares of State Street Corp (NYSE:STT) by 9.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,701 shares of the asset manager’s stock after selling 1,841 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in State Street were worth $1,099,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently made changes to their positions in STT. FMR LLC raised its holdings in State Street by 35.9% during the 4th quarter. FMR LLC now owns 18,222,073 shares of the asset manager’s stock worth $1,149,266,000 after purchasing an additional 4,816,904 shares during the last quarter. BlackRock Inc. grew its position in shares of State Street by 19.2% during the 4th quarter. BlackRock Inc. now owns 27,075,321 shares of the asset manager’s stock worth $1,707,639,000 after buying an additional 4,355,656 shares during the period. Norges Bank acquired a new position in shares of State Street during the 4th quarter worth about $257,096,000. Oregon Public Employees Retirement Fund grew its position in shares of State Street by 6,371.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,604,034 shares of the asset manager’s stock worth $41,000 after buying an additional 2,563,798 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of State Street by 6.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 29,664,538 shares of the asset manager’s stock worth $1,870,942,000 after buying an additional 1,730,003 shares during the period. 88.68% of the stock is owned by hedge funds and other institutional investors.
In other State Street news, insider Andrew Erickson sold 861 shares of the company’s stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $69.45, for a total transaction of $59,796.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory L. Summe purchased 3,000 shares of State Street stock in a transaction on Tuesday, May 7th. The shares were purchased at an average cost of $64.50 per share, with a total value of $193,500.00. The disclosure for this purchase can be found here. In the last ninety days, 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 issued its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.05. State Street had a return on equity of 13.44% and a net margin of 18.77%. The business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period in the previous year, the firm earned $1.62 EPS. State Street’s quarterly revenue was down 4.1% compared to the same quarter last year. Equities analysts forecast that State Street Corp will post 6.45 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a $0.47 dividend. The ex-dividend date of this dividend was Friday, March 29th. This represents a $1.88 annualized dividend and a dividend yield of 2.90%. State Street’s dividend payout ratio is presently 26.04%.
Several equities analysts have recently issued reports on STT shares. Credit Suisse Group decreased their target price on State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a research report on Tuesday, January 22nd. Raymond James upgraded State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 target price for the company in a research report on Monday, January 14th. Deutsche Bank lowered State Street from a “buy” rating to a “hold” rating and set a $69.95 target price for the company. in a research report on Thursday, March 14th. Keefe, Bruyette & Woods lowered State Street from a “market perform” rating to an “underperform” rating and decreased their target price for the stock from $72.00 to $70.00 in a research report on Sunday, February 24th. Finally, Wells Fargo & Co lowered State Street from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 22nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target 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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