Artisan Partners Limited Partnership lifted its holdings in shares of State Street Corp (NYSE:STT) by 5.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,338,389 shares of the asset manager’s stock after purchasing an additional 294,789 shares during the period. State Street comprises approximately 1.1% of Artisan Partners Limited Partnership’s holdings, making the stock its 24th biggest holding. Artisan Partners Limited Partnership owned 1.46% of State Street worth $532,398,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. HBK Sorce Advisory LLC purchased a new position in shares of State Street during the 4th quarter worth approximately $653,000. First Trust Advisors LP grew its stake in State Street by 7.9% in the 4th quarter. First Trust Advisors LP now owns 254,980 shares of the asset manager’s stock worth $24,889,000 after acquiring an additional 18,704 shares during the period. Deutsche Bank AG grew its stake in State Street by 44.5% in the 4th quarter. Deutsche Bank AG now owns 1,075,508 shares of the asset manager’s stock worth $104,975,000 after acquiring an additional 331,230 shares during the period. Unio Capital LLC purchased a new stake in State Street in the 4th quarter worth approximately $532,000. Finally, Baird Financial Group Inc. grew its stake in State Street by 10.9% in the 4th quarter. Baird Financial Group Inc. now owns 10,348 shares of the asset manager’s stock worth $1,010,000 after acquiring an additional 1,015 shares during the period. 87.95% of the stock is owned by institutional investors and hedge funds.
Shares of State Street opened at $100.33 on Wednesday, according to Marketbeat Ratings. State Street Corp has a 52-week low of $80.51 and a 52-week high of $114.27. The firm has a market cap of $36.29 billion, a PE ratio of 16.83, a P/E/G ratio of 1.28 and a beta of 1.32. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.56 and a quick ratio of 0.56.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.58 by $0.04. State Street had a net margin of 19.07% and a return on equity of 14.23%. The company had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same period in the previous year, the company earned $1.21 EPS. The business’s quarterly revenue was up 13.2% compared to the same quarter last year. sell-side analysts expect that State Street Corp will post 7.78 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 17th. Stockholders of record on Monday, July 2nd will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, June 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.67%. State Street’s dividend payout ratio is presently 28.19%.
Several analysts have commented on STT shares. ValuEngine raised shares of State Street from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 target price for the company in a research note on Thursday, January 25th. Bank of America lifted their target price on shares of State Street from $108.00 to $118.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 24th. Deutsche Bank lowered their target price on shares of State Street from $114.00 to $108.00 and set a “hold” rating for the company in a research note on Friday, April 6th. Finally, Morgan Stanley lifted their target price on shares of State Street from $114.00 to $117.00 and gave the stock an “equal weight” rating in a research note on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $110.27.
In other news, insider Jeff D. Conway sold 288 shares of the business’s stock in a transaction on Wednesday, May 16th. The shares were sold at an average price of $100.78, for a total transaction of $29,024.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were 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. Insiders have sold a total of 12,860 shares of company stock valued at $1,377,980 over the last three months. Corporate insiders own 0.40% of the company’s stock.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company 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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