Fayez Sarofim & Co. reduced its stake in shares of State Street Corporation (NYSE:STT) by 2.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,766,410 shares of the company’s stock after selling 81,358 shares during the period. Fayez Sarofim & Co.’s holdings in State Street Corporation were worth $192,676,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the stock. Emerald Acquisition Ltd. bought a new stake in State Street Corporation during the second quarter valued at $223,563,000. Price T Rowe Associates Inc. MD increased its position in State Street Corporation by 10.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 37,536,973 shares of the company’s stock valued at $2,613,699,000 after buying an additional 3,594,037 shares during the period. Evercore Trust Company N.A. acquired a new position in State Street Corporation during the second quarter valued at approximately $152,044,000. PNC Financial Services Group Inc. increased its position in State Street Corporation by 182.7% in the third quarter. PNC Financial Services Group Inc. now owns 1,956,066 shares of the company’s stock valued at $136,200,000 after buying an additional 1,264,029 shares during the period. Finally, TIAA CREF Investment Management LLC increased its position in State Street Corporation by 109.4% in the third quarter. TIAA CREF Investment Management LLC now owns 2,325,851 shares of the company’s stock valued at $161,949,000 after buying an additional 1,215,339 shares during the period. Hedge funds and other institutional investors own 85.06% of the company’s stock.
State Street Corporation (NYSE:STT) opened at 79.29 on Tuesday. The stock’s 50 day moving average is $78.98 and its 200-day moving average is $74.04. The firm has a market capitalization of $30.28 billion, a price-to-earnings ratio of 15.95 and a beta of 1.40. State Street Corporation has a 52 week low of $50.60 and a 52 week high of $83.49.
State Street Corporation (NYSE:STT) last announced its quarterly earnings data on Wednesday, January 25th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.16. The company had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.78 billion. State Street Corporation had a net margin of 20.16% and a return on equity of 12.13%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.21 EPS. On average, equities research analysts expect that State Street Corporation will post $5.79 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 18th. Stockholders of record on Tuesday, January 3rd were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $1.52 annualized dividend and a dividend yield of 1.92%. State Street Corporation’s dividend payout ratio is currently 30.52%.
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Several equities analysts have commented on STT shares. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 4th. Zacks Investment Research downgraded shares of State Street Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, November 29th. Morgan Stanley upgraded shares of State Street Corporation from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, January 31st. Barclays PLC boosted their price target on shares of State Street Corporation from $77.00 to $92.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Finally, Jefferies Group LLC restated a “buy” rating and issued a $81.00 price target on shares of State Street Corporation in a research note on Tuesday, November 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $77.33.
In other news, EVP Karen C. Keenan sold 1,000 shares of State Street Corporation stock in a transaction that occurred on Friday, January 20th. The shares were sold at an average price of $79.12, for a total value of $79,120.00. Following the transaction, the executive vice president now owns 46,229 shares of the company’s stock, valued at approximately $3,657,638.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.64% of the company’s stock.
State Street Corporation Company Profile
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.
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