Lake Street Advisors Group LLC purchased a new stake in State Street Corp (NYSE:STT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,491 shares of the asset manager’s stock, valued at approximately $243,000.
A number of other institutional investors also recently made changes to their positions in STT. Nationwide Fund Advisors increased its stake in State Street by 38.8% in the third quarter. Nationwide Fund Advisors now owns 311,211 shares of the asset manager’s stock valued at $29,733,000 after purchasing an additional 86,945 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in State Street by 1.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 81,528 shares of the asset manager’s stock valued at $7,789,000 after purchasing an additional 1,148 shares during the last quarter. NorthCoast Asset Management LLC purchased a new position in State Street in the third quarter valued at approximately $337,000. Teachers Retirement System of The State of Kentucky increased its stake in State Street by 100.8% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 351,559 shares of the asset manager’s stock valued at $33,588,000 after purchasing an additional 176,500 shares during the last quarter. Finally, TD Asset Management Inc. increased its stake in State Street by 0.8% in the third quarter. TD Asset Management Inc. now owns 378,963 shares of the asset manager’s stock valued at $36,206,000 after purchasing an additional 3,017 shares during the last quarter. Institutional investors own 88.38% of the company’s stock.
In related news, CEO Joseph L. Hooley sold 33,568 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $102.65, for a total transaction of $3,445,755.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeff D. Conway sold 747 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $103.07, for a total value of $76,993.29. The disclosure for this sale can be found here. Insiders sold 49,531 shares of company stock valued at $5,146,169 over the last three months. Corporate insiders own 0.71% of the company’s stock.
State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.71 by ($0.10). The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. State Street’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.48 earnings per share. sell-side analysts predict that State Street Corp will post 7.68 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Thursday, March 29th. State Street’s payout ratio is currently 32.12%.
Several equities analysts have commented on the stock. Buckingham Research increased their price target on shares of State Street from $124.00 to $131.00 and gave the company a “buy” rating in a research note 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 price target on the stock. in a research note on Friday, January 5th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $114.00 price target on shares of State Street in a research note on Friday, December 22nd. Vining Sparks reiterated a “buy” rating and issued a $120.00 price target on shares of State Street in a research note on Monday, January 8th. Finally, Morgan Stanley increased their price target on shares of State Street from $105.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, January 25th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. State Street presently has an average rating of “Buy” and an average target price of $110.21.
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State Street Company 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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