Investors sold shares of State Street Corp (NYSE:STT) on strength during trading hours on Tuesday. $66.56 million flowed into the stock on the tick-up and $85.50 million flowed out of the stock on the tick-down, for a money net flow of $18.94 million out of the stock. Of all equities tracked, State Street had the 13th highest net out-flow for the day. State Street traded up $0.35 for the day and closed at $107.17
A number of research analysts recently weighed in on the stock. Buckingham Research raised their target price on shares of State Street from $124.00 to $131.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. Zacks Investment Research lowered shares of State Street from a “buy” rating to a “hold” rating and set a $109.00 target price for the company. in a report on Friday, January 5th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $114.00 target price on shares of State Street in a report on Friday, December 22nd. Vining Sparks reaffirmed a “buy” rating and set a $120.00 price objective on shares of State Street in a research note on Monday, January 8th. Finally, Morgan Stanley lifted their price objective on shares of State Street from $105.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $106.69.
The firm has a market cap of $40,090.00, a P/E ratio of 18.16, a P/E/G ratio of 1.70 and a beta of 1.31. The company has a quick ratio of 0.48, a current ratio of 0.49 and a debt-to-equity ratio of 0.61.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be given a dividend of $0.42 per share. The ex-dividend date is Thursday, March 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.57%. State Street’s dividend payout ratio (DPR) is 28.47%.
In other news, insider Jeff D. Conway sold 747 shares of State Street stock in a transaction on Friday, February 16th. The stock was sold at an average price of $103.07, for a total transaction of $76,993.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP George E. Sullivan sold 3,495 shares of State Street stock in a transaction on Friday, February 16th. The stock was sold at an average price of $103.07, for a total value of $360,229.65. Following the sale, the executive vice president now owns 58,340 shares of the company’s stock, valued at $6,013,103.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,810 shares of company stock valued at $3,882,978. Corporate insiders own 0.71% of the company’s stock.
Several large investors have recently added to or reduced their stakes in STT. Fairfield Bush & CO. raised its holdings in shares of State Street by 18.3% in the fourth quarter. Fairfield Bush & CO. now owns 11,654 shares of the asset manager’s stock valued at $1,138,000 after acquiring an additional 1,800 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of State Street by 6.7% in the fourth quarter. Xact Kapitalforvaltning AB now owns 91,843 shares of the asset manager’s stock valued at $8,965,000 after acquiring an additional 5,763 shares in the last quarter. CNB Bank bought a new stake in shares of State Street in the fourth quarter valued at about $141,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of State Street by 8.1% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 222,003 shares of the asset manager’s stock valued at $21,670,000 after acquiring an additional 16,689 shares in the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. raised its holdings in shares of State Street by 44.8% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 22,942 shares of the asset manager’s stock valued at $2,239,000 after acquiring an additional 7,100 shares in the last quarter. Institutional investors and hedge funds own 87.56% of the company’s stock.
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About State Street
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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