Amundi Pioneer Asset Management Inc. decreased its position in State Street Corp (NYSE:STT) by 45.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 704,289 shares of the asset manager’s stock after selling 579,430 shares during the period. Amundi Pioneer Asset Management Inc. owned about 0.19% of State Street worth $46,351,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Pearl River Capital LLC acquired a new position in shares of State Street in the 4th quarter worth approximately $25,000. Harvest Group Wealth Management LLC bought a new position in shares of State Street in the 1st quarter worth $28,000. NuWave Investment Management LLC boosted its position in shares of State Street by 3,180.0% in the 1st quarter. NuWave Investment Management LLC now owns 492 shares of the asset manager’s stock worth $33,000 after purchasing an additional 477 shares during the last quarter. Magellan Asset Management Ltd raised its stake in shares of State Street by 80.1% in the 4th quarter. Magellan Asset Management Ltd now owns 526 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 234 shares during the period. Finally, Zions Bancorporation N.A. acquired a new stake in shares of State Street in the 1st quarter valued at about $40,000. 89.60% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on STT shares. Zacks Investment Research upgraded Investar from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Tuesday, June 4th. Morgan Stanley set a $36.00 price objective on shares of ArcBest and gave the company a “hold” rating in a research report on Monday, July 8th. Bank of America set a $20.00 price target on shares of Fiat Chrysler Automobiles and gave the stock a “hold” rating in a report on Thursday, June 6th. ValuEngine cut shares of Vereit from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Buckingham Research cut their price objective on shares of State Street from $83.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, June 12th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $70.52.
State Street (NYSE:STT) last released its quarterly earnings data on Friday, July 19th. The asset manager reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.05. State Street had a net margin of 18.77% and a return on equity of 13.44%. The firm had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the previous year, the company earned $2.05 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. Research analysts forecast that State Street Corp will post 5.85 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, June 28th. State Street’s payout ratio is 26.04%.
In other news, EVP Jeffrey N. Carp sold 25,000 shares of State Street stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $63.22, for a total transaction of $1,580,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory L. Summe bought 3,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were bought at an average cost of $64.50 per share, for a total transaction of $193,500.00. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by insiders.
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.
Featured Story: Bear Market – How and Why They Occur
Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.