Keybank National Association OH lessened its stake in shares of State Street Corp (NYSE:STT) by 8.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,586 shares of the asset manager’s stock after selling 4,452 shares during the quarter. Keybank National Association OH’s holdings in State Street were worth $2,876,000 at the end of the most recent quarter.
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Other large investors also recently added to or reduced their stakes in the company. Woodstock Corp raised its position in shares of State Street by 0.7% in the second quarter. Woodstock Corp now owns 98,902 shares of the asset manager’s stock valued at $5,544,000 after purchasing an additional 675 shares during the period. Metropolis Capital Ltd increased its position in State Street by 13.9% during the second quarter. Metropolis Capital Ltd now owns 946,568 shares of the asset manager’s stock worth $53,065,000 after acquiring an additional 115,593 shares during the period. Rockland Trust Co. increased its position in State Street by 5.8% during the second quarter. Rockland Trust Co. now owns 9,553 shares of the asset manager’s stock worth $536,000 after acquiring an additional 525 shares during the period. Sanders Morris Harris LLC bought a new position in State Street during the second quarter worth about $1,721,000. Finally, Wiley BROS. Aintree Capital LLC bought a new position in State Street during the second quarter worth about $280,000. 92.22% of the stock is owned by hedge funds and other institutional investors.
Shares of STT traded up $0.44 during mid-day trading on Friday, reaching $73.10. The company had a trading volume of 2,326,431 shares, compared to its average volume of 2,817,832. The company’s 50 day simple moving average is $62.19 and its 200 day simple moving average is $58.53. State Street Corp has a 1-year low of $48.62 and a 1-year high of $77.00. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.48 and a current ratio of 0.48. The company has a market capitalization of $25.55 billion, a price-to-earnings ratio of 10.12, a P/E/G ratio of 1.14 and a beta of 1.52.
State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.11. State Street had a net margin of 16.18% and a return on equity of 11.34%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same period last year, the company posted $1.87 EPS. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, equities analysts forecast that State Street Corp will post 5.8 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were paid a $0.52 dividend. This is an increase from State Street’s previous quarterly dividend of $0.47. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Monday, September 30th. State Street’s dividend payout ratio (DPR) is presently 28.81%.
In other news, Director Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $65.70, for a total value of $1,642,500.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey N. Carp sold 17,876 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $72.00, for a total transaction of $1,287,072.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,009 shares of company stock worth $4,229,092. 0.40% of the stock is currently owned by corporate insiders.
A number of research firms recently commented on STT. UBS Group raised their price target on shares of State Street from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Deutsche Bank upgraded shares of State Street from a “hold” rating to a “buy” rating and increased their price objective for the stock from $64.00 to $81.00 in a research note on Wednesday. ValuEngine upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Morgan Stanley increased their price objective on shares of State Street from $57.00 to $66.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $68.00 price objective (up from $60.00) on shares of State Street in a research note on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $69.02.
State Street Company 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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