Kentucky Retirement Systems grew its holdings in State Street Co. (NYSE:STT – Get Rating) by 10.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,313 shares of the asset manager’s stock after purchasing an additional 2,151 shares during the quarter. Kentucky Retirement Systems’ holdings in State Street were worth $2,075,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lumbard & Kellner LLC purchased a new position in State Street in the 3rd quarter worth approximately $27,000. OLD Second National Bank of Aurora purchased a new stake in shares of State Street during the 4th quarter valued at approximately $28,000. CVA Family Office LLC raised its position in shares of State Street by 250.4% during the 4th quarter. CVA Family Office LLC now owns 410 shares of the asset manager’s stock valued at $38,000 after buying an additional 293 shares during the period. Magellan Asset Management Ltd purchased a new stake in shares of State Street during the 3rd quarter valued at approximately $46,000. Finally, American Research & Management Co. raised its position in shares of State Street by 266.7% during the 4th quarter. American Research & Management Co. now owns 550 shares of the asset manager’s stock valued at $51,000 after buying an additional 400 shares during the period. 88.89% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Andrew Erickson sold 16,000 shares of the business’s stock in a transaction on Monday, January 24th. The shares were sold at an average price of $89.00, for a total transaction of $1,424,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.
State Street (NYSE:STT – Get Rating) last posted its quarterly earnings results on Thursday, April 14th. The asset manager reported $1.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.12. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.03 billion. State Street had a net margin of 22.82% and a return on equity of 11.59%. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.47 earnings per share. As a group, equities analysts expect that State Street Co. will post 8.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, April 11th. Investors of record on Friday, April 1st were paid a dividend of $0.57 per share. The ex-dividend date was Thursday, March 31st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.07%. State Street’s payout ratio is currently 30.89%.
Several analysts have recently commented on STT shares. Barclays reduced their price target on shares of State Street from $130.00 to $115.00 in a research report on Monday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of State Street from $113.00 to $100.00 and set a “buy” rating on the stock in a research report on Monday. Wells Fargo & Company reduced their price target on shares of State Street from $104.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday. Citigroup downgraded shares of State Street from a “buy” rating to a “neutral” rating in a report on Monday, April 11th. Finally, StockNews.com initiated coverage on shares of State Street in a report on Thursday, March 31st. They issued a “hold” rating for the company. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $103.00.
State Street Company Profile (Get Rating)
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product 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 and enhanced custody products; 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.
- Get a free copy of the StockNews.com research report on State Street (STT)
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