Toronto Dominion Bank boosted its stake in State Street Corp (NYSE:STT) by 28.3% during the 1st quarter, Holdings Channel reports. The fund owned 269,974 shares of the asset manager’s stock after acquiring an additional 59,580 shares during the period. Toronto Dominion Bank’s holdings in State Street were worth $17,763,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in STT. Parallel Advisors LLC lifted its stake in shares of State Street by 17.3% in the 4th quarter. Parallel Advisors LLC now owns 1,012 shares of the asset manager’s stock valued at $63,000 after purchasing an additional 149 shares during the last quarter. Kaizen Advisory LLC boosted its position in State Street by 18.0% during the 4th quarter. Kaizen Advisory LLC now owns 1,044 shares of the asset manager’s stock valued at $66,000 after acquiring an additional 159 shares in the last quarter. Strategic Wealth Partners Ltd. boosted its position in State Street by 45.6% during the 4th quarter. Strategic Wealth Partners Ltd. now owns 514 shares of the asset manager’s stock valued at $35,000 after acquiring an additional 161 shares in the last quarter. Anchor Capital Advisors LLC boosted its position in State Street by 2.0% during the 4th quarter. Anchor Capital Advisors LLC now owns 8,420 shares of the asset manager’s stock valued at $531,000 after acquiring an additional 169 shares in the last quarter. Finally, Sowell Financial Services LLC boosted its position in State Street by 3.2% during the 4th quarter. Sowell Financial Services LLC now owns 5,514 shares of the asset manager’s stock valued at $348,000 after acquiring an additional 172 shares in the last quarter. Institutional investors and hedge funds own 89.42% of the company’s stock.
Shares of NYSE STT traded up $0.01 during trading on Friday, reaching $61.63. 413,933 shares of the company traded hands, compared to its average volume of 2,369,480. The firm has a market capitalization of $23.07 billion, a P/E ratio of 8.54, a PEG ratio of 0.90 and a beta of 1.37. State Street Corp has a 12-month low of $57.87 and a 12-month high of $101.81. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.45 and a current ratio of 0.45.
State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share for the quarter, beating the Zacks’ 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 quarter last year, the business posted $1.62 EPS. The company’s revenue was down 4.1% on a year-over-year basis. As a group, analysts forecast that State Street Corp will post 6.45 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, June 28th. State Street’s dividend payout ratio is presently 26.04%.
A number of analysts have recently weighed in on the company. Zacks Investment Research cut State Street from a “hold” rating to a “sell” rating in a research report on Tuesday, March 19th. Morgan Stanley lowered their price target on State Street from $88.00 to $84.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. ValuEngine cut State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, March 1st. Goldman Sachs Group cut State Street from a “buy” rating to a “neutral” rating and set a $71.30 price target for the company. 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 lowered their price target for the stock from $72.00 to $70.00 in a research report on Sunday, February 24th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $82.72.
In other news, EVP Andrew P. Kuritzkes sold 7,689 shares of the stock in a transaction on Tuesday, February 19th. The stock was 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 owns 25,978 shares in the company, valued at approximately $1,817,680.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Erickson sold 861 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $69.45, for a total value of $59,796.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,389 shares of company stock valued at $5,115,088. Insiders own 0.40% of the company’s stock.
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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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