Sumitomo Life Insurance Co. Has $1.80 Million Stake in State Street Corp (STT)
Sumitomo Life Insurance Co. decreased its position in shares of State Street Corp (NYSE:STT) by 4.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,438 shares of the asset manager’s stock after selling 896 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in State Street were worth $1,800,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Longview Partners Guernsey LTD boosted its holdings in shares of State Street by 6.5% during the third quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock valued at $770,313,000 after acquiring an additional 493,244 shares during the period. Capital International Investors boosted its holdings in shares of State Street by 63.3% during the third quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock valued at $551,383,000 after acquiring an additional 2,237,595 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of State Street by 44.8% during the third quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock valued at $427,133,000 after acquiring an additional 1,383,249 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of State Street by 0.3% during the third quarter. Bank of New York Mellon Corp now owns 4,349,477 shares of the asset manager’s stock valued at $415,547,000 after acquiring an additional 13,453 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of State Street by 27.7% during the third quarter. JPMorgan Chase & Co. now owns 2,908,094 shares of the asset manager’s stock valued at $278,625,000 after acquiring an additional 630,368 shares during the period. 88.18% of the stock is owned by institutional investors.
In other State Street news, insider Andrew Erickson sold 354 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $92.00, for a total value of $32,568.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is currently owned by corporate insiders.
State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). State Street had a net margin of 17.94% and a return on equity of 13.41%. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.98 billion. During the same period in the previous year, the company posted $1.48 earnings per share. State Street’s revenue was up 8.5% compared to the same quarter last year. analysts forecast that State Street Corp will post 7.51 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Friday, December 29th. State Street’s payout ratio is 32.12%.
Several equities analysts have recently issued reports on STT shares. Citigroup reissued a “neutral” rating and set a $102.00 price target (up previously from $88.00) on shares of State Street in a report on Monday, October 9th. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 price objective for the company in a report on Thursday, January 25th. Morgan Stanley upped their price objective on shares of State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Finally, Bank of America upped their price objective on shares of State Street from $108.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $106.69.
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About State Street
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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