Bank Pictet & Cie Asia Ltd. acquired a new position in shares of State Street Corp (NYSE:STT) in the 2nd quarter, Holdings Channel reports. The fund acquired 12,249 shares of the asset manager’s stock, valued at approximately $1,140,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. boosted its stake in State Street by 0.4% during the first quarter. BlackRock Inc. now owns 21,649,269 shares of the asset manager’s stock worth $2,159,084,000 after buying an additional 84,710 shares during the period. Artisan Partners Limited Partnership boosted its stake in State Street by 5.8% during the first quarter. Artisan Partners Limited Partnership now owns 5,338,389 shares of the asset manager’s stock worth $532,398,000 after buying an additional 294,789 shares during the period. Fayez Sarofim & Co boosted its stake in State Street by 8.5% during the first quarter. Fayez Sarofim & Co now owns 3,045,545 shares of the asset manager’s stock worth $303,732,000 after buying an additional 239,843 shares during the period. Boston Partners boosted its stake in State Street by 3.4% during the first quarter. Boston Partners now owns 2,791,369 shares of the asset manager’s stock worth $278,384,000 after buying an additional 92,692 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in State Street by 36.8% during the first quarter. Old Mutual Global Investors UK Ltd. now owns 2,349,459 shares of the asset manager’s stock worth $234,311,000 after buying an additional 631,562 shares during the period. 86.80% of the stock is owned by institutional investors.
In related news, insider Jeff D. Conway sold 343 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $83.16, for a total value of $28,523.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph L. Hooley sold 25,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $83.01, for a total transaction of $2,075,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,954 shares of company stock valued at $2,237,777. 0.40% of the stock is owned by insiders.
Several research firms have commented on STT. Deutsche Bank dropped their price objective on shares of State Street from $102.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Wells Fargo & Co set a $105.00 target price on shares of State Street and gave the company a “buy” rating in a research note on Thursday, August 16th. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of State Street in a research note on Friday, August 3rd. ValuEngine lowered shares of State Street from a “sell” rating to a “strong sell” rating in a research note on Friday, August 3rd. Finally, Bank of America lowered their target price on shares of State Street from $104.00 to $97.00 and set a “neutral” rating for the company in a research note on Wednesday, July 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. State Street presently has an average rating of “Hold” and an average target price of $105.29.
Shares of STT opened at $86.18 on Wednesday. The firm has a market cap of $31.08 billion, a PE ratio of 14.30, a P/E/G ratio of 1.02 and a beta of 1.22. State Street Corp has a 12-month low of $82.43 and a 12-month high of $114.27. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.54.
State Street (NYSE:STT) last released its quarterly earnings data on Friday, July 20th. The asset manager reported $1.88 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.01 by ($0.13). State Street had a return on equity of 14.98% and a net margin of 19.56%. The business had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same period last year, the company earned $1.67 earnings per share. The firm’s revenue was up 7.7% compared to the same quarter last year. analysts predict that State Street Corp will post 7.65 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, September 28th. This is a positive change from State Street’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a yield of 2.18%. State Street’s dividend payout ratio is 28.19%.
State Street Profile
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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