The Manufacturers Life Insurance Company lifted its holdings in shares of State Street Corp (NYSE:STT) by 38.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 588,728 shares of the asset manager’s stock after buying an additional 162,019 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in State Street were worth $57,466,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of STT. Zions Bancorporation increased its holdings in State Street by 318.0% in the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock worth $100,000 after purchasing an additional 795 shares in the last quarter. NuWave Investment Management LLC acquired a new position in State Street in the 4th quarter worth about $107,000. Legacy Advisors LLC increased its holdings in State Street by 835.8% in the 4th quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock worth $112,000 after purchasing an additional 1,028 shares in the last quarter. Sabal Trust CO acquired a new position in State Street in the 3rd quarter worth about $201,000. Finally, BB&T Corp acquired a new position in State Street in the 4th quarter worth about $203,000. 88.46% of the stock is owned by institutional investors.
A number of brokerages have issued reports on STT. Zacks Investment Research cut State Street from a “buy” rating to a “hold” rating and set a $109.00 target price for the company. in a report on Friday, January 5th. ValuEngine cut State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Citigroup raised State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price for the company in a report on Wednesday, January 10th. Morgan Stanley upped their target price on State Street from $105.00 to $114.00 and gave the stock an “equal weight” rating in a report on Thursday, January 25th. Finally, Barclays upped their target price on State Street from $104.00 to $120.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. State Street has a consensus rating of “Buy” and a consensus target price of $106.69.
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 consensus estimate of $1.71 by ($0.10). The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.48 EPS. sell-side analysts expect that State Street Corp will post 7.62 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.61%. State Street’s payout ratio is 32.12%.
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State Street Company Profile
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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