Welch & Forbes LLC Has $15.74 Million Stake in State Street Corp (STT)
Welch & Forbes LLC reduced its stake in State Street Corp (NYSE:STT) by 2.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 249,597 shares of the asset manager’s stock after selling 7,282 shares during the quarter. Welch & Forbes LLC’s holdings in State Street were worth $15,742,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Strategic Wealth Partners Ltd. lifted its stake in shares of State Street by 45.6% in the 4th quarter. Strategic Wealth Partners Ltd. now owns 514 shares of the asset manager’s stock valued at $35,000 after purchasing an additional 161 shares during the period. Anchor Capital Advisors LLC raised its stake in shares of State Street by 2.0% in the 4th quarter. Anchor Capital Advisors LLC now owns 8,420 shares of the asset manager’s stock valued at $531,000 after purchasing an additional 169 shares during the period. Quadrant Capital Group LLC raised its stake in shares of State Street by 19.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,072 shares of the asset manager’s stock valued at $59,000 after purchasing an additional 177 shares during the period. Bath Savings Trust Co grew its holdings in shares of State Street by 3.3% in the 4th quarter. Bath Savings Trust Co now owns 5,775 shares of the asset manager’s stock valued at $364,000 after acquiring an additional 185 shares in the last quarter. Finally, Bartlett & Co. LLC grew its holdings in shares of State Street by 56.3% in the 4th quarter. Bartlett & Co. LLC now owns 555 shares of the asset manager’s stock valued at $35,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 88.51% of the company’s stock.
Several equities analysts have recently weighed in on STT shares. Raymond James upgraded State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 price objective for the company in a report on Monday, January 14th. Deutsche Bank cut their price objective on shares of State Street from $92.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, November 16th. Barclays cut their price objective on shares of State Street from $110.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, October 22nd. Wells Fargo & Co cut their price objective on shares of State Street from $92.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, December 6th. Finally, Zacks Investment Research restated a “hold” rating on shares of State Street in a research report on Monday, December 31st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $87.36.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 18th. The asset manager reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.01. State Street had a net margin of 20.05% and a return on equity of 14.44%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the prior year, the business earned $1.61 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts forecast that State Street Corp will post 6.85 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 16th. Stockholders of record on Wednesday, January 2nd were issued a dividend of $0.47 per share. The ex-dividend date was Monday, December 31st. This represents a $1.88 annualized dividend and a dividend yield of 2.73%. State Street’s dividend payout ratio is currently 26.04%.
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State Street Company Profile
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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