Clark Capital Management Group Inc. boosted its holdings in State Street Corp (NYSE:STT) by 8.5% during the fourth quarter, Holdings Channel reports. The fund owned 448,625 shares of the asset manager’s stock after acquiring an additional 35,297 shares during the period. State Street accounts for 1.3% of Clark Capital Management Group Inc.’s investment portfolio, making the stock its 17th largest holding. Clark Capital Management Group Inc.’s holdings in State Street were worth $43,790,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Zions Bancorporation lifted its holdings in State Street by 318.0% in the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 795 shares in the last quarter. NuWave Investment Management LLC purchased a new position in State Street in the 4th quarter valued at about $107,000. Legacy Advisors LLC lifted its holdings in State Street by 835.8% in the 4th quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock valued at $112,000 after purchasing an additional 1,028 shares in the last quarter. Delpha Capital Management LLC purchased a new position in shares of State Street during the 4th quarter worth about $113,000. Finally, Focused Wealth Management Inc purchased a new position in shares of State Street during the 4th quarter worth about $117,000. 89.15% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Joseph L. Hooley sold 33,568 shares of the firm’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 transaction of $3,445,755.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andrew P. Kuritzkes sold 10,248 shares of the firm’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. Insiders have sold 49,531 shares of company stock valued at $5,146,169 in the last three months. Corporate insiders own 0.71% of the company’s stock.
Shares of State Street Corp (NYSE:STT) traded down $0.17 during trading hours on Wednesday, reaching $107.16. 83,023 shares of the company’s stock traded hands, compared to its average volume of 1,855,167. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.49 and a quick ratio of 0.49. State Street Corp has a one year low of $75.27 and a one year high of $114.27. The firm has a market capitalization of $40,011.70, a P/E ratio of 20.52, a price-to-earnings-growth ratio of 1.42 and a beta of 1.29.
State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.71 by ($0.10). State Street had a net margin of 17.94% and a return on equity of 13.41%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.98 billion. During the same period last year, the business earned $1.48 EPS. The firm’s revenue was up 8.5% compared to the same quarter last year. equities research analysts anticipate that State Street Corp will post 7.68 EPS for the current year.
The business also recently declared 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. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, March 29th. State Street’s payout ratio is currently 32.12%.
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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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