Wealth Enhancement Advisory Services LLC raised its stake in shares of State Street Co. (NYSE:STT) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 84,640 shares of the asset manager’s stock after purchasing an additional 2,876 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in State Street were worth $7,193,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Creative Planning lifted its stake in shares of State Street by 5.6% in the 4th quarter. Creative Planning now owns 7,124 shares of the asset manager’s stock valued at $518,000 after purchasing an additional 379 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of State Street by 9.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 16,138 shares of the asset manager’s stock valued at $1,175,000 after buying an additional 1,385 shares in the last quarter. First Trust Advisors LP grew its position in shares of State Street by 39.6% in the 4th quarter. First Trust Advisors LP now owns 247,554 shares of the asset manager’s stock worth $18,017,000 after buying an additional 70,189 shares during the period. California Public Employees Retirement System increased its stake in shares of State Street by 4.8% in the 4th quarter. California Public Employees Retirement System now owns 887,730 shares of the asset manager’s stock worth $64,609,000 after acquiring an additional 40,522 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in State Street by 0.3% during the 4th quarter. Treasurer of the State of North Carolina now owns 134,712 shares of the asset manager’s stock valued at $9,804,000 after acquiring an additional 460 shares during the period. Institutional investors and hedge funds own 90.73% of the company’s stock.
A number of brokerages have weighed in on STT. Wells Fargo & Company raised their target price on shares of State Street from $83.00 to $90.00 and gave the company an “equal weight” rating in a research note on Thursday, April 1st. Deutsche Bank Aktiengesellschaft lifted their price objective on State Street from $97.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, April 9th. Barclays increased their target price on State Street from $99.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 7th. Finally, Morgan Stanley lowered their price target on State Street from $103.00 to $95.00 and set an “overweight” rating for the company in a research report on Monday, April 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. State Street has a consensus rating of “Hold” and an average target price of $83.43.
State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, April 15th. The asset manager reported $1.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.12. State Street had a net margin of 19.59% and a return on equity of 10.65%. The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter in the prior year, the firm earned $1.62 earnings per share. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, analysts expect that State Street Co. will post 7.02 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 12th. Stockholders of record on Thursday, July 1st will be paid a $0.52 dividend. The ex-dividend date is Wednesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.48%. State Street’s dividend payout ratio (DPR) is currently 31.04%.
In other State Street news, EVP David C. Phelan sold 50,000 shares of the stock in a transaction that occurred on Thursday, May 20th. The shares were sold at an average price of $84.30, for a total value of $4,215,000.00. Following the transaction, the executive vice president now directly owns 61,553 shares in the company, valued at $5,188,917.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ian Appleyard sold 3,800 shares of State Street stock in a transaction on Thursday, May 20th. The stock was sold at an average price of $84.59, for a total transaction of $321,442.00. Following the transaction, the chief accounting officer now owns 16,458 shares in the company, valued at approximately $1,392,182.22. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.
About State Street
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 accounting; daily pricing and administration; master trust and master custody; depotbank; 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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