Davis Selected Advisers Acquires 31,534 Shares of State Street Corporation $STT

Davis Selected Advisers boosted its stake in shares of State Street Corporation (NYSE:STT) by 43.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 103,785 shares of the asset manager’s stock after buying an additional 31,534 shares during the period. Davis Selected Advisers’ holdings in State Street were worth $12,040,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. JPL Wealth Management LLC bought a new stake in shares of State Street during the third quarter worth $29,000. True Wealth Design LLC lifted its position in State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new position in State Street in the 3rd quarter worth $35,000. Measured Wealth Private Client Group LLC acquired a new position in State Street in the 3rd quarter worth $35,000. Finally, SJS Investment Consulting Inc. increased its holdings in State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $121.11 on Thursday. The stock has a market capitalization of $33.76 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.06 and a beta of 1.43. The business has a 50-day moving average of $128.18 and a 200-day moving average of $122.17. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $137.05.

State Street (NYSE:STT) last released its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.State Street’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.60 earnings per share. As a group, sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s dividend payout ratio is presently 35.71%.

Insider Transactions at State Street

In related news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on STT shares. Morgan Stanley dropped their price target on State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Citigroup initiated coverage on State Street in a research report on Monday, February 23rd. They issued a “buy” rating and a $150.00 target price on the stock. TD Cowen restated a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Finally, Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $135.83.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.