Metropolis Capital Ltd raised its stake in State Street Corp (NYSE:STT) by 13.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 946,568 shares of the asset manager’s stock after purchasing an additional 115,593 shares during the period. State Street accounts for about 12.2% of Metropolis Capital Ltd’s holdings, making the stock its 5th biggest position. Metropolis Capital Ltd owned 0.25% of State Street worth $53,065,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. CIBC World Markets Inc. boosted its holdings in shares of State Street by 58.5% in the first quarter. CIBC World Markets Inc. now owns 16,699 shares of the asset manager’s stock valued at $1,099,000 after acquiring an additional 6,165 shares during the period. Goelzer Investment Management Inc. acquired a new stake in shares of State Street in the first quarter valued at approximately $316,000. CX Institutional boosted its holdings in shares of State Street by 421.6% in the first quarter. CX Institutional now owns 34,503 shares of the asset manager’s stock valued at $2,271,000 after acquiring an additional 27,888 shares during the period. Harvest Group Wealth Management LLC acquired a new stake in shares of State Street in the first quarter valued at approximately $28,000. Finally, Rothschild & Co. Asset Management US Inc. boosted its holdings in shares of State Street by 0.6% in the first quarter. Rothschild & Co. Asset Management US Inc. now owns 804,362 shares of the asset manager’s stock valued at $52,935,000 after acquiring an additional 4,529 shares during the period. Institutional investors own 89.59% of the company’s stock.
In other State Street news, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total value of $1,580,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory L. Summe bought 3,000 shares of State Street stock in a transaction on Tuesday, May 7th. The stock was acquired 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. 0.40% of the stock is currently owned by company insiders.
Shares of NYSE STT traded up $0.67 during mid-day trading on Tuesday, hitting $59.90. 3,321,400 shares of the company were exchanged, compared to its average volume of 2,905,618. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.45 and a current ratio of 0.48. The business’s 50 day moving average is $56.11. State Street Corp has a 1-year low of $53.53 and a 1-year high of $90.20. The company has a market capitalization of $22.42 billion, a price-to-earnings ratio of 8.30, a price-to-earnings-growth ratio of 0.96 and a beta of 1.40.
State Street (NYSE:STT) last released its earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.05. State Street had a return on equity of 12.13% and a net margin of 17.66%. The company had revenue of $2.87 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter last year, the company earned $2.05 earnings per share. State Street’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, equities analysts anticipate that State Street Corp will post 5.85 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date was Friday, June 28th. State Street’s dividend payout ratio (DPR) is currently 26.04%.
STT has been the subject of several research analyst reports. ValuEngine downgraded Vereit from a “buy” rating to a “hold” rating in a report on Friday. Wells Fargo & Co set a $32.00 price objective on Farfetch and gave the company a “buy” rating in a report on Wednesday, June 12th. UBS Group increased their price objective on T. Rowe Price Group from $109.00 to $111.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Bank of America set a $20.00 price objective on Fiat Chrysler Automobiles and gave the company a “hold” rating in a report on Thursday, June 6th. Finally, Morgan Stanley set a $36.00 price target on ArcBest and gave the stock a “hold” rating in a report on Monday, July 8th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $70.77.
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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