Allstate Corp Makes New Investment in State Street Corp (NYSE:STT)

Allstate Corp purchased a new stake in State Street Corp (NYSE:STT) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,961 shares of the asset manager’s stock, valued at approximately $524,000.

A number of other institutional investors have also recently bought and sold shares of STT. Vanguard Group Inc lifted its holdings in State Street by 3.6% in the 3rd quarter. Vanguard Group Inc now owns 26,171,489 shares of the asset manager’s stock valued at $2,192,648,000 after purchasing an additional 910,041 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in State Street in the 4th quarter valued at $70,000. Advisors Asset Management Inc. lifted its holdings in State Street by 209.4% in the 4th quarter. Advisors Asset Management Inc. now owns 4,208 shares of the asset manager’s stock valued at $265,000 after purchasing an additional 2,848 shares in the last quarter. Dupont Capital Management Corp lifted its holdings in State Street by 21.9% in the 4th quarter. Dupont Capital Management Corp now owns 5,181 shares of the asset manager’s stock valued at $327,000 after purchasing an additional 932 shares in the last quarter. Finally, Pinnacle Associates Ltd. increased its stake in shares of State Street by 18.3% in the 4th quarter. Pinnacle Associates Ltd. now owns 3,262 shares of the asset manager’s stock worth $206,000 after acquiring an additional 504 shares during the last quarter. 89.56% of the stock is currently owned by institutional investors and hedge funds.

STT traded up $0.62 during trading on Thursday, reaching $55.04. 3,912,999 shares of the stock were exchanged, compared to its average volume of 2,803,698. The stock’s 50 day moving average price is $56.22. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a market capitalization of $20.35 billion, a P/E ratio of 7.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.40. State Street Corp has a 1 year low of $53.53 and a 1 year high of $95.68.

State Street (NYSE:STT) last posted its earnings results on Tuesday, April 23rd. The asset manager reported $1.24 EPS for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.05. The company had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. State Street’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 earnings per share. Equities research analysts anticipate that State Street Corp will post 6.12 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st will be given a dividend of $0.47 per share. The ex-dividend date is Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a yield of 3.42%. State Street’s payout ratio is 26.04%.

In other news, EVP Jeffrey N. Carp sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total value of $1,580,500.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Gregory L. Summe acquired 3,000 shares of State Street stock in a transaction dated Tuesday, May 7th. The stock was bought at an average price of $64.50 per share, for a total transaction of $193,500.00. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by insiders.

A number of analysts recently issued reports on STT shares. Deutsche Bank downgraded State Street from a “buy” rating to a “hold” rating and set a $69.95 price objective for the company. in a research report on Thursday, March 14th. Zacks Investment Research raised Investar from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Tuesday, June 4th. Wells Fargo & Co set a $32.00 price objective on Farfetch and gave the stock a “buy” rating in a research report on Wednesday, June 12th. UBS Group lifted their price target on T. Rowe Price Group from $109.00 to $111.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $70.52.

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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Institutional Ownership by Quarter for State Street (NYSE:STT)

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