Farmers & Merchants Trust Co of Chambersburg PA cut its position in shares of State Street Corp (NYSE:STT) by 5.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,895 shares of the asset manager’s stock after selling 995 shares during the period. State Street makes up about 1.3% of Farmers & Merchants Trust Co of Chambersburg PA’s portfolio, making the stock its 29th biggest holding. Farmers & Merchants Trust Co of Chambersburg PA’s holdings in State Street were worth $1,552,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in STT. Vanguard Group Inc. raised its position in State Street by 1.9% during the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after purchasing an additional 448,658 shares during the period. FMR LLC raised its position in State Street by 10.8% during the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after purchasing an additional 1,940,536 shares during the period. Longview Partners Guernsey LTD raised its position in State Street by 6.5% during the third quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock valued at $770,313,000 after purchasing an additional 493,244 shares during the period. Capital International Investors raised its position in State Street by 63.3% during the third quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock valued at $551,383,000 after purchasing an additional 2,237,595 shares during the period. Finally, Artisan Partners Limited Partnership raised its position in State Street by 44.8% during the third quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock valued at $427,133,000 after purchasing an additional 1,383,249 shares during the period. 88.13% of the stock is owned by institutional investors.
In related news, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total value of $296,448.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Joseph L. Hooley sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 28,724 shares of company stock worth $2,659,741. 0.71% of the stock is owned by insiders.
A number of equities research analysts have issued reports on STT shares. Zacks Investment Research downgraded State Street from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Morgan Stanley upped their price objective on State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 24th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research report on Tuesday, December 12th. Royal Bank of Canada decreased their price objective on State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 24th. Finally, Jefferies Group reiterated a “hold” rating and issued a $100.00 price target on shares of State Street in a report on Friday, September 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. State Street currently has an average rating of “Buy” and an average target price of $101.13.
Shares of State Street Corp (NYSE STT) traded up $1.53 during midday trading on Friday, hitting $105.78. The stock had a trading volume of 1,637,000 shares, compared to its average volume of 1,465,350. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48. State Street Corp has a 12-month low of $74.45 and a 12-month high of $105.85. The stock has a market capitalization of $39,230.00, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 1.49 and a beta of 1.35.
State Street (NYSE:STT) last issued its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.10. State Street had a return on equity of 13.03% and a net margin of 20.56%. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the prior year, the business posted $1.35 earnings per share. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. research analysts expect that State Street Corp will post 6.25 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, December 29th. This represents a $1.68 annualized dividend and a yield of 1.59%. State Street’s dividend payout ratio (DPR) is currently 29.07%.
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State Street Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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