Creative Planning decreased its stake in State Street Corp (NYSE:STT) by 8.2% in the 2nd quarter, Holdings Channel.com reports. The fund owned 6,891 shares of the asset manager’s stock after selling 615 shares during the quarter. Creative Planning’s holdings in State Street were worth $438,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in STT. Bank of New York Mellon Corp grew its holdings in shares of State Street by 42.5% in the 1st quarter. Bank of New York Mellon Corp now owns 4,131,412 shares of the asset manager’s stock valued at $220,080,000 after acquiring an additional 1,231,384 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in State Street by 90.8% during the first quarter. JPMorgan Chase & Co. now owns 2,583,426 shares of the asset manager’s stock worth $137,620,000 after purchasing an additional 1,229,249 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd bought a new position in State Street during the first quarter worth about $50,913,000. Capital International Investors grew its holdings in State Street by 6.8% during the first quarter. Capital International Investors now owns 8,218,489 shares of the asset manager’s stock worth $437,799,000 after purchasing an additional 521,768 shares during the period. Finally, Metropolis Capital Ltd grew its holdings in State Street by 50.0% during the second quarter. Metropolis Capital Ltd now owns 1,170,936 shares of the asset manager’s stock worth $74,413,000 after purchasing an additional 390,253 shares during the period. Institutional investors own 89.66% of the company’s stock.
A number of equities analysts recently commented on the company. UBS Group lifted their price target on State Street from $56.00 to $59.00 and gave the stock a “neutral” rating in a report on Monday, April 20th. Seaport Global Securities assumed coverage on State Street in a report on Wednesday, July 8th. They set a “buy” rating and a $83.00 price target for the company. Bank of America reduced their price target on State Street from $71.00 to $70.00 and set a “buy” rating for the company in a report on Monday, July 20th. Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective for the company in a research report on Tuesday, July 28th. Finally, Wells Fargo & Co raised their price objective on shares of State Street from $61.00 to $75.00 in a research report on Friday, June 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. State Street currently has a consensus rating of “Hold” and a consensus target price of $75.74.
State Street (NYSE:STT) last released its quarterly earnings results on Friday, July 17th. The asset manager reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.23. State Street had a net margin of 20.27% and a return on equity of 12.74%. The company had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the previous year, the business earned $1.45 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. On average, equities research analysts forecast that State Street Corp will post 6.45 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 16th. Investors of record on Wednesday, July 1st were paid a $0.52 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a yield of 3.26%. State Street’s dividend payout ratio (DPR) is 33.71%.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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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