Alberta Investment Management Corp reduced its stake in State Street Corp (NYSE:STT) by 14.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 64,500 shares of the asset manager’s stock after selling 10,600 shares during the quarter. Alberta Investment Management Corp’s holdings in State Street were worth $5,102,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its holdings in State Street by 63.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,319,288 shares of the asset manager’s stock worth $262,555,000 after purchasing an additional 1,285,832 shares during the period. Investec Asset Management LTD bought a new position in State Street in the 4th quarter worth $206,390,000. Charles Schwab Investment Management Inc. raised its holdings in State Street by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,753,702 shares of the asset manager’s stock worth $138,718,000 after purchasing an additional 24,945 shares during the period. UBS Asset Management Americas Inc. raised its holdings in State Street by 2.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,611,707 shares of the asset manager’s stock worth $127,486,000 after purchasing an additional 42,873 shares during the period. Finally, Parametric Portfolio Associates LLC raised its holdings in State Street by 11.1% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,602,939 shares of the asset manager’s stock worth $94,878,000 after purchasing an additional 160,692 shares during the period. 92.52% of the stock is currently owned by institutional investors.
A number of brokerages recently commented on STT. ValuEngine cut State Street from a “hold” rating to a “sell” rating in a report on Wednesday, December 4th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and set a $86.00 target price on the stock in a report on Monday, December 9th. Deutsche Bank cut their price target on State Street from $70.00 to $48.00 and set a “hold” rating for the company in a research note on Wednesday, March 18th. Wells Fargo & Co cut their price target on State Street from $88.00 to $68.00 and set an “equal weight” rating for the company in a research note on Monday, March 16th. Finally, Bank of America cut their price target on State Street from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $76.33.
State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $1.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.70 by $0.28. The business had revenue of $3.05 billion during the quarter, compared to analyst estimates of $2.94 billion. State Street had a return on equity of 11.81% and a net margin of 18.14%. State Street’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.68 EPS. On average, sell-side analysts forecast that State Street Corp will post 6.54 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be given a dividend of $0.52 per share. The ex-dividend date is Tuesday, March 31st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.21%. State Street’s payout ratio is 33.71%.
In other news, EVP Andrew P. Kuritzkes sold 11,861 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $66.94, for a total transaction of $793,975.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.40% of the company’s stock.
State Street 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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