Avalon Advisors LLC purchased a new position in State Street Corp (NYSE:STT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,700 shares of the asset manager’s stock, valued at approximately $359,000.
Several other large investors also recently modified their holdings of STT. Victory Capital Management Inc. boosted its position in State Street by 10.0% during the third quarter. Victory Capital Management Inc. now owns 45,190 shares of the asset manager’s stock valued at $3,786,000 after purchasing an additional 4,104 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of State Street by 27.8% in the third quarter. Private Advisor Group LLC now owns 5,071 shares of the asset manager’s stock worth $425,000 after buying an additional 1,104 shares during the last quarter. WINTON GROUP Ltd lifted its position in shares of State Street by 50.5% in the third quarter. WINTON GROUP Ltd now owns 3,310 shares of the asset manager’s stock worth $277,000 after buying an additional 1,110 shares during the last quarter. Toronto Dominion Bank lifted its position in shares of State Street by 4.2% in the third quarter. Toronto Dominion Bank now owns 245,739 shares of the asset manager’s stock worth $20,583,000 after buying an additional 9,952 shares during the last quarter. Finally, Commonwealth Bank of Australia lifted its position in shares of State Street by 7.0% in the third quarter. Commonwealth Bank of Australia now owns 52,203 shares of the asset manager’s stock worth $4,366,000 after buying an additional 3,400 shares during the last quarter. 86.78% of the stock is currently owned by hedge funds and other institutional investors.
State Street stock opened at $70.10 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market capitalization of $26.54 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 1.16 and a beta of 1.39. State Street Corp has a 52 week low of $57.87 and a 52 week high of $108.41.
State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 18th. The asset manager reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.01. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.96 billion. State Street had a return on equity of 14.44% and a net margin of 20.05%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.61 earnings per share. Analysts anticipate that State Street Corp will post 6.81 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Monday, April 1st will be paid a $0.47 dividend. The ex-dividend date is Friday, March 29th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.68%. State Street’s payout ratio is presently 26.04%.
STT has been the subject of a number of analyst reports. Credit Suisse Group reduced their price target 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. Bank of America raised State Street from a “neutral” rating to a “buy” rating and set a $66.51 price target for the company in a research report on Friday, January 11th. Raymond James raised State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 price target for the company in a research report on Monday, January 14th. Wells Fargo & Co cut State Street from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 22nd. Finally, Keefe, Bruyette & Woods cut State Street from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $72.00 to $70.00 in a research report on Sunday, February 24th. Two equities 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’s stock. The stock currently has an average rating of “Hold” and an average price target of $85.98.
In other news, insider Andrew Erickson sold 861 shares of State Street stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $69.45, for a total value of $59,796.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew P. Kuritzkes sold 13,339 shares of State Street stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $72.10, for a total value of $961,741.90. The disclosure for this sale can be found here. Insiders sold 74,389 shares of company stock worth $5,300,338 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.
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State Street 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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