TIAA CREF Investment Management LLC lifted its position in State Street Corp (NYSE:STT) by 3.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,655,374 shares of the asset manager’s stock after buying an additional 90,694 shares during the period. TIAA CREF Investment Management LLC’s holdings in State Street were worth $259,191,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. Livingston Group Asset Management CO operating as Southport Capital Management increased its holdings in shares of State Street by 13.6% in the fourth quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,534 shares of the asset manager’s stock worth $443,000 after purchasing an additional 542 shares during the period. Puzo Michael J increased its holdings in shares of State Street by 7.8% in the fourth quarter. Puzo Michael J now owns 7,599 shares of the asset manager’s stock worth $743,000 after purchasing an additional 550 shares during the period. Covenant Asset Management LLC increased its holdings in shares of State Street by 3.8% in the fourth quarter. Covenant Asset Management LLC now owns 15,382 shares of the asset manager’s stock worth $1,501,000 after purchasing an additional 564 shares during the period. Ledyard National Bank increased its holdings in shares of State Street by 12.1% in the fourth quarter. Ledyard National Bank now owns 5,703 shares of the asset manager’s stock worth $557,000 after purchasing an additional 615 shares during the period. Finally, Evergreen Capital Management LLC increased its holdings in shares of State Street by 1.8% in the third quarter. Evergreen Capital Management LLC now owns 34,775 shares of the asset manager’s stock worth $3,322,000 after purchasing an additional 629 shares during the period. 89.15% of the stock is currently owned by hedge funds and other institutional investors.
Shares of State Street Corp (STT) opened at $107.33 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.49 and a current ratio of 0.49. State Street Corp has a 1 year low of $75.27 and a 1 year high of $114.27. The stock has a market cap of $40,011.70, a PE ratio of 16.95, a price-to-earnings-growth ratio of 1.42 and a beta of 1.29.
State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.71 by ($0.10). State Street had a net margin of 17.94% and a return on equity of 13.41%. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter in the previous year, the company earned $1.48 earnings per share. The business’s quarterly revenue was up 8.5% on a year-over-year basis. equities research analysts anticipate that State Street Corp will post 7.68 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Monday, April 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.68 annualized dividend and a yield of 1.57%. State Street’s payout ratio is 32.12%.
In other State Street news, insider Jeff D. Conway sold 747 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $103.07, for a total transaction of $76,993.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph L. Hooley sold 33,568 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $102.65, for a total transaction of $3,445,755.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,531 shares of company stock valued at $5,146,169. Company insiders own 0.71% of the company’s stock.
Several research analysts have recently weighed in on the stock. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating and set a $109.00 price target on the stock. in a report on Friday, January 5th. Citigroup raised State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Wednesday, January 10th. Morgan Stanley increased their target price on State Street from $105.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, January 25th. Barclays increased their target price on State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $114.00 target price on shares of State Street in a research note on Friday, December 22nd. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. State Street presently has a consensus rating of “Buy” and an average price target of $108.33.
State Street 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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