World Asset Management Inc raised its position in shares of State Street Corp (NYSE:STT) by 2.7% in the second quarter, HoldingsChannel reports. The firm owned 25,920 shares of the asset manager’s stock after acquiring an additional 680 shares during the period. World Asset Management Inc’s holdings in State Street were worth $1,453,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. CIBC World Markets Inc. boosted its stake in State Street by 58.5% during the 1st quarter. CIBC World Markets Inc. now owns 16,699 shares of the asset manager’s stock valued at $1,099,000 after purchasing an additional 6,165 shares during the period. Goelzer Investment Management Inc. acquired a new position in State Street during the 1st quarter valued at about $316,000. CX Institutional boosted its stake in State Street by 421.6% during the 1st quarter. CX Institutional now owns 34,503 shares of the asset manager’s stock valued at $2,271,000 after purchasing an additional 27,888 shares during the period. Harvest Group Wealth Management LLC acquired a new position in State Street during the 1st quarter valued at about $28,000. Finally, Rothschild & Co. Asset Management US Inc. boosted its stake in State Street by 0.6% during the 1st quarter. Rothschild & Co. Asset Management US Inc. now owns 804,362 shares of the asset manager’s stock valued at $52,935,000 after purchasing an additional 4,529 shares during the period. 89.45% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:STT traded down $2.10 during trading on Thursday, reaching $55.99. The company had a trading volume of 127,421 shares, compared to its average volume of 3,758,165. The business’s fifty day moving average is $56.62. The firm has a market cap of $21.64 billion, a price-to-earnings ratio of 7.71, a PEG ratio of 0.95 and a beta of 1.40. State Street Corp has a twelve month low of $53.53 and a twelve month high of $90.20. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.48 and a quick ratio of 0.45.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Investors of record on Monday, July 1st were issued a $0.47 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.36%. State Street’s payout ratio is currently 26.04%.
In other State Street news, Director Saint-Aignan Patrick De bought 500 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average cost of $58.85 per share, for a total transaction of $29,425.00. Following the acquisition, the director now directly owns 28,793 shares of the company’s stock, valued at $1,694,468.05. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.
A number of analysts have recently weighed in on STT shares. Buckingham Research reduced their price target on shares of State Street from $83.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. Royal Bank of Canada reduced their price target on shares of State Street from $80.00 to $65.00 and set a “sector perform” rating for the company in a research note on Wednesday, June 19th. Bank of America reaffirmed a “buy” rating and issued a $65.00 price target (down from $75.00) on shares of State Street in a research note on Thursday, June 6th. UBS Group upped their price target on shares of State Street from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Finally, ValuEngine lowered shares of State Street from a “hold” rating to a “sell” rating in a research note on Thursday. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $69.42.
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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