Conning Inc. raised its stake in State Street Co. (NYSE:STT) by 44.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,353 shares of the asset manager’s stock after acquiring an additional 3,825 shares during the quarter. Conning Inc.’s holdings in State Street were worth $1,232,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of STT. Country Trust Bank lifted its holdings in shares of State Street by 0.3% in the fourth quarter. Country Trust Bank now owns 444,284 shares of the asset manager’s stock worth $43,367,000 after acquiring an additional 1,428 shares during the last quarter. Covenant Asset Management LLC lifted its holdings in shares of State Street by 3.8% in the fourth quarter. Covenant Asset Management LLC now owns 15,382 shares of the asset manager’s stock worth $1,501,000 after acquiring an additional 564 shares during the last quarter. Atria Investments LLC lifted its holdings in shares of State Street by 11.0% in the fourth quarter. Atria Investments LLC now owns 11,507 shares of the asset manager’s stock worth $1,123,000 after acquiring an additional 1,141 shares during the last quarter. Private Trust Co. NA lifted its holdings in shares of State Street by 42.0% in the fourth quarter. Private Trust Co. NA now owns 3,007 shares of the asset manager’s stock worth $293,000 after acquiring an additional 890 shares during the last quarter. Finally, Knowledge Leaders Capital LLC bought a new position in shares of State Street in the fourth quarter worth about $4,957,000. 88.44% of the stock is owned by hedge funds and other institutional investors.
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Shares of NYSE STT opened at $98.50 on Tuesday. The company has a market capitalization of $35.72 billion, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 1.26 and a beta of 1.32. State Street Co. has a 1 year low of $79.28 and a 1 year high of $114.27. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.56 and a quick ratio of 0.56.
State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 20th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3 billion. State Street had a net margin of 19.07% and a return on equity of 14.23%. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the business earned $1.21 EPS. analysts forecast that State Street Co. will post 7.78 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 16th. Shareholders of record on Monday, April 2nd were issued a dividend of $0.42 per share. The ex-dividend date was Thursday, March 29th. This represents a $1.68 annualized dividend and a yield of 1.71%. State Street’s payout ratio is 28.19%.
In other State Street news, EVP Andrew P. Kuritzkes sold 10,248 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $108.17, for a total transaction of $1,108,526.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph L. Hooley sold 33,568 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,531 shares of company stock valued at $5,146,169. Company insiders own 0.40% of the company’s stock.
A number of research analysts have recently commented on the stock. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price for the company in a report on Wednesday, January 10th. ValuEngine cut shares of State Street from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Morgan Stanley increased their target price on shares of State Street from $105.00 to $114.00 and gave the stock an “equal weight” rating in a report on Thursday, January 25th. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, January 12th. Finally, Keefe, Bruyette & Woods set a $115.00 target price on shares of State Street and gave the stock a “buy” rating in a report on Wednesday, April 4th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $110.27.
About State Street
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 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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