Banco Santander S.A. purchased a new stake in shares of State Street Corp (NYSE:STT) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,174 shares of the asset manager’s stock, valued at approximately $801,000.
Several other institutional investors and hedge funds have also modified their holdings of STT. Pearl River Capital LLC acquired a new position in shares of State Street during the fourth quarter worth $25,000. Certified Advisory Corp increased its position in State Street by 125.0% in the fourth quarter. Certified Advisory Corp now owns 450 shares of the asset manager’s stock worth $28,000 after buying an additional 250 shares during the last quarter. Harvest Group Wealth Management LLC purchased a new stake in State Street in the first quarter worth $28,000. Magellan Asset Management Ltd increased its position in State Street by 80.1% in the fourth quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock worth $33,000 after buying an additional 234 shares during the last quarter. Finally, NuWave Investment Management LLC increased its position in State Street by 3,180.0% in the first quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock worth $33,000 after buying an additional 477 shares during the last quarter. 89.56% of the stock is owned by institutional investors.
In other State Street news, Director Gregory L. Summe purchased 3,000 shares of State Street stock in a transaction on Tuesday, May 7th. The shares were purchased at an average cost of $64.50 per share, with a total value of $193,500.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $63.22, for a total transaction of $1,580,500.00. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.05. State Street had a net margin of 18.77% and a return on equity of 13.44%. The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period in the previous year, the company earned $1.62 earnings per share. The business’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities analysts anticipate that State Street Corp will post 6.12 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a yield of 3.32%. State Street’s dividend payout ratio (DPR) is presently 26.04%.
STT has been the topic of several analyst reports. Bank of America reiterated a “buy” rating and issued a $65.00 price objective (down previously from $75.00) on shares of State Street in a report on Thursday, June 6th. Deutsche Bank lowered shares of State Street from a “buy” rating to a “hold” rating and set a $69.95 target price on the stock. in a report on Thursday, March 14th. Morgan Stanley reduced their target price on shares of State Street from $84.00 to $76.00 and set an “overweight” rating on the stock in a report on Wednesday, June 5th. Wells Fargo & Co reduced their target price on shares of State Street from $75.00 to $63.00 and set a “market perform” rating on the stock in a report on Wednesday, June 12th. Finally, Raymond James reduced their target price on shares of State Street from $84.00 to $68.00 and set a “strong-buy” rating on the stock in a report on Wednesday, June 12th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $71.33.
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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