Neuberger Berman Group LLC boosted its holdings in State Street Corp (NYSE:STT) by 3.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 219,816 shares of the asset manager’s stock after purchasing an additional 7,650 shares during the quarter. Neuberger Berman Group LLC owned 0.06% of State Street worth $21,922,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. Puzo Michael J raised its stake in State Street by 7.8% in the 4th quarter. Puzo Michael J now owns 7,599 shares of the asset manager’s stock worth $743,000 after purchasing an additional 550 shares in the last quarter. FDx Advisors Inc. raised its stake in State Street by 2.9% in the 1st quarter. FDx Advisors Inc. now owns 20,444 shares of the asset manager’s stock worth $2,039,000 after purchasing an additional 582 shares in the last quarter. Ledyard National Bank raised its stake in State Street by 12.1% in the 4th quarter. Ledyard National Bank now owns 5,703 shares of the asset manager’s stock worth $557,000 after purchasing an additional 615 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in State Street by 4.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 17,049 shares of the asset manager’s stock worth $1,664,000 after purchasing an additional 700 shares in the last quarter. Finally, First Mercantile Trust Co. raised its stake in State Street by 7.3% in the 1st quarter. First Mercantile Trust Co. now owns 11,294 shares of the asset manager’s stock worth $1,126,000 after purchasing an additional 769 shares in the last quarter. Institutional investors and hedge funds own 87.95% of the company’s stock.
STT has been the subject of several analyst reports. Deutsche Bank dropped their price objective 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. ValuEngine cut shares of State Street from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Sandler O’Neill restated a “hold” rating and issued a $104.00 target price on shares of State Street in a research report on Monday, April 9th. Keefe, Bruyette & Woods set a $115.00 target price on shares of State Street and gave the company a “buy” rating in a research report on Wednesday, April 4th. Finally, Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Thursday, May 3rd. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. State Street currently has an average rating of “Buy” and a consensus target price of $110.27.
Shares of State Street opened at $100.47 on Friday, MarketBeat reports. The company has a market cap of $36.80 billion, a P/E ratio of 16.86, a P/E/G ratio of 1.29 and a beta of 1.32. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.56 and a current ratio of 0.56. State Street Corp has a 1 year low of $80.73 and a 1 year high of $114.27.
State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. The company had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3 billion. State Street had a net margin of 19.07% and a return on equity of 14.23%. The firm’s revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.21 EPS. equities research analysts forecast that State Street Corp will post 7.78 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 17th. Investors of record on Monday, July 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Friday, June 29th. State Street’s dividend payout ratio (DPR) is presently 28.19%.
In related news, CAO Elizabeth Schaefer sold 1,473 shares of State Street stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $105.00, for a total transaction of $154,665.00. Following the sale, the chief accounting officer now directly owns 9,362 shares of the company’s stock, valued at approximately $983,010. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of State Street stock in a transaction that occurred 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 worth $1,377,980 over the last ninety days. 0.40% of the stock is currently owned by insiders.
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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