Elkfork Partners LLC cut its holdings in State Street Corp (NYSE:STT) by 3.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,462 shares of the asset manager’s stock after selling 418 shares during the period. Elkfork Partners LLC’s holdings in State Street were worth $642,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of STT. CIBC World Markets Inc. lifted its position 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 worth $1,099,000 after acquiring an additional 6,165 shares during the last quarter. First Trust Advisors LP lifted its position in State Street by 25.7% during the 2nd quarter. First Trust Advisors LP now owns 547,096 shares of the asset manager’s stock worth $30,670,000 after acquiring an additional 111,924 shares during the last quarter. Arizona State Retirement System lifted its position in State Street by 9.8% during the 2nd quarter. Arizona State Retirement System now owns 106,707 shares of the asset manager’s stock worth $5,982,000 after acquiring an additional 9,524 shares during the last quarter. Asahi Life Asset Management CO. LTD. acquired a new position in State Street during the 2nd quarter worth $318,000. Finally, GSA Capital Partners LLP acquired a new position in State Street during the 2nd quarter worth $877,000. Hedge funds and other institutional investors own 89.84% of the company’s stock.
In other State Street news, Director Saint-Aignan Patrick De purchased 500 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was purchased at an average price of $58.85 per share, with a total value of $29,425.00. Following the completion of the transaction, the director now directly owns 28,793 shares of the company’s stock, valued at approximately $1,694,468.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hanley Ronald P. O purchased 7,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was acquired at an average cost of $50.43 per share, with a total value of $353,010.00. Following the transaction, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at $6,416,461.05. The disclosure for this purchase can be found here. Insiders purchased 11,000 shares of company stock valued at $577,375 in the last three months. Company insiders own 0.40% of the company’s stock.
Shares of STT opened at $59.80 on Friday. The company has a 50-day simple moving average of $54.13 and a 200-day simple moving average of $59.75. The firm has a market capitalization of $22.28 billion, a P/E ratio of 8.28, a P/E/G ratio of 0.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.48 and a current ratio of 0.48. State Street Corp has a 52 week low of $48.62 and a 52 week high of $87.79.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.05. State Street had a net margin of 17.66% and a return on equity of 12.13%. The business had revenue of $2.87 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the prior year, the business earned $2.05 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities analysts forecast that State Street Corp will post 5.74 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from State Street’s previous quarterly dividend of $0.47. State Street’s dividend payout ratio is 26.04%.
A number of research firms have weighed in on STT. Morgan Stanley boosted their target price on shares of State Street from $55.00 to $58.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 17th. Buckingham Research cut their target price on shares of State Street from $83.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, June 12th. Royal Bank of Canada cut their target price on shares of State Street from $80.00 to $65.00 and set a “sector perform” rating for the company in a research report on Wednesday, June 19th. Zacks Investment Research lowered shares of State Street from a “hold” rating to a “sell” rating and set a $59.00 target price for the company. in a research report on Tuesday, June 4th. Finally, Wells Fargo & Co set a $55.00 target price on shares of State Street and gave the stock a “hold” rating in a research report on Friday, August 16th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $67.95.
About State Street
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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