Cambridge Investment Research Advisors Inc. cut its position in State Street Corp (NYSE:STT) by 7.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 7,577 shares of the asset manager’s stock after selling 610 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in State Street were worth $740,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of STT. Commerzbank Aktiengesellschaft FI purchased a new position in shares of State Street during the third quarter valued at approximately $448,000. Engineers Gate Manager LP purchased a new position in shares of State Street during the third quarter valued at approximately $1,199,000. Capital Guardian Trust Co. raised its holdings in shares of State Street by 208.2% during the third quarter. Capital Guardian Trust Co. now owns 368,650 shares of the asset manager’s stock valued at $35,221,000 after purchasing an additional 249,035 shares during the last quarter. Zions Bancorporation raised its holdings in shares of State Street by 318.0% during the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 795 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of State Street by 40.8% during the third quarter. Cubist Systematic Strategies LLC now owns 10,535 shares of the asset manager’s stock valued at $1,007,000 after purchasing an additional 3,051 shares during the last quarter. 88.54% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE STT opened at $100.60 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.49 and a quick ratio of 0.49. The company has a market cap of $36,691.79, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 1.30 and a beta of 1.31. State Street Corp has a 12-month low of $76.95 and a 12-month high of $114.27.
State Street (NYSE:STT) last announced its 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). The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.48 earnings per share. equities research analysts anticipate that State Street Corp will post 7.67 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 16th. Shareholders of record on Monday, April 2nd were given a $0.42 dividend. The ex-dividend date of this dividend was Thursday, March 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.67%. State Street’s payout ratio is currently 28.19%.
In other State Street news, CEO Joseph L. Hooley sold 33,568 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $102.65, for a total value of $3,445,755.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $108.17, for a total transaction of $1,108,526.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,531 shares of company stock valued at $5,146,169. Company insiders own 0.40% of the company’s stock.
STT has been the subject of several research reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $114.00 price objective on shares of State Street in a report on Friday, December 22nd. Barclays boosted their price objective on shares of State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating and set a $109.00 price objective for the company. in a report on Friday, January 5th. Vining Sparks reissued a “buy” rating and set a $120.00 price objective on shares of State Street in a report on Monday, January 8th. Finally, Jefferies Group restated a “hold” rating and set a $107.00 target price on shares of State Street in a research report on Tuesday, January 9th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $111.33.
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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