Tredje AP fonden Sells 4,875 Shares of State Street Corp (NYSE:STT)
Tredje AP fonden lowered its stake in State Street Corp (NYSE:STT) by 15.2% during the first quarter, HoldingsChannel.com reports. The firm owned 27,172 shares of the asset manager’s stock after selling 4,875 shares during the period. Tredje AP fonden’s holdings in State Street were worth $1,447,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of State Street by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 6,143,323 shares of the asset manager’s stock valued at $485,067,000 after purchasing an additional 484,788 shares during the period. Shelton Capital Management acquired a new stake in State Street during the 4th quarter worth $208,000. King Luther Capital Management Corp acquired a new stake in State Street during the 1st quarter worth $236,000. Squarepoint Ops LLC acquired a new stake in shares of State Street in the 1st quarter valued at about $2,201,000. Finally, Franklin Resources Inc. raised its stake in shares of State Street by 1.1% in the 4th quarter. Franklin Resources Inc. now owns 625,071 shares of the asset manager’s stock valued at $49,443,000 after purchasing an additional 6,938 shares during the period. 89.61% of the stock is currently owned by institutional investors.
Several research firms have issued reports on STT. UBS Group lifted their price target on State Street from $56.00 to $59.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. ValuEngine downgraded State Street from a “hold” rating to a “sell” rating in a research note on Thursday, April 23rd. JPMorgan Chase & Co. dropped their price target on State Street from $65.00 to $63.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods cut State Street from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 1st. Finally, Wells Fargo & Co raised their price objective on State Street from $61.00 to $75.00 in a report on Friday, June 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. State Street has a consensus rating of “Hold” and a consensus target price of $73.81.
STT traded down $3.51 during trading on Friday, hitting $60.65. 44,633 shares of the stock traded hands, compared to its average volume of 2,648,332. State Street Corp has a twelve month low of $42.10 and a twelve month high of $85.89. The company has a market cap of $21.69 billion, a price-to-earnings ratio of 10.37, a PEG ratio of 1.12 and a beta of 1.52. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.59 and a quick ratio of 0.59. The business has a 50 day moving average price of $61.55 and a 200 day moving average price of $67.18.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $1.62 EPS for the quarter, beating the consensus estimate of $1.35 by $0.27. State Street had a net margin of 19.13% and a return on equity of 12.36%. The business had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same period in the previous year, the business earned $1.24 earnings per share. The company’s revenue was up 4.5% on a year-over-year basis. On average, equities research analysts predict that State Street Corp will post 6.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 16th. Shareholders of record on Wednesday, July 1st will be paid a dividend of $0.52 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.43%. State Street’s payout ratio is presently 33.71%.
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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