Metropolitan Life Insurance Co. NY reduced its stake in State Street Corp (NYSE:STT) by 67.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 58,433 shares of the asset manager’s stock after selling 120,025 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in State Street were worth $5,704,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Zions Bancorporation raised 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 during the period. NuWave Investment Management LLC purchased a new stake in State Street in the 4th quarter worth $107,000. Legacy Advisors LLC increased its stake 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 buying an additional 1,028 shares in the last quarter. Delpha Capital Management LLC purchased a new stake in State Street in the 4th quarter worth $113,000. Finally, Focused Wealth Management Inc purchased a new stake in State Street in the 4th quarter worth $117,000. 88.38% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on the company. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating and set a $109.00 price target for the company. in a research note on Friday, January 5th. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Wednesday, January 10th. Morgan Stanley increased their price target on State Street from $105.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 25th. Barclays increased their price target on State Street from $104.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $114.00 price target on shares of State Street in a research note on Friday, December 22nd. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $108.33.
State Street stock opened at $106.87 on Monday. The firm has a market capitalization of $39,291.10, a PE ratio of 16.65, a PEG ratio of 1.39 and a beta of 1.29. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.61. State Street Corp has a 12-month low of $75.27 and a 12-month high of $114.27.
State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.71 by ($0.10). The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.48 EPS. sell-side analysts forecast that State Street Corp will post 7.68 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.57%. State Street’s payout ratio is 32.12%.
About State Street
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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