Gabelli Funds LLC increased its position in shares of State Street Corporation (NYSE:STT) by 1.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 712,300 shares of the asset manager’s stock after buying an additional 13,000 shares during the period. Gabelli Funds LLC owned about 0.19% of State Street Corporation worth $56,706,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue purchased a new stake in State Street Corporation during the first quarter valued at approximately $123,000. MUFG Americas Holdings Corp increased its position in State Street Corporation by 40.7% in the fourth quarter. MUFG Americas Holdings Corp now owns 1,626 shares of the asset manager’s stock valued at $126,000 after buying an additional 470 shares during the period. FTB Advisors Inc. increased its position in State Street Corporation by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock valued at $127,000 after buying an additional 207 shares during the period. Pinnacle Bank bought a new position in State Street Corporation during the first quarter valued at about $129,000. Finally, Advisory Services Network LLC bought a new position in State Street Corporation during the first quarter valued at about $177,000. 87.90% of the stock is owned by institutional investors.
Shares of State Street Corporation (STT) traded down 0.62% during trading on Friday, hitting $88.25. The stock had a trading volume of 3,223,733 shares. State Street Corporation has a 12-month low of $50.60 and a 12-month high of $89.61. The firm has a market cap of $33.20 billion, a price-to-earnings ratio of 16.51 and a beta of 1.33. The stock has a 50-day moving average of $83.62 and a 200 day moving average of $80.35.
State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Wednesday, April 26th. The asset manager reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. State Street Corporation had a return on equity of 12.38% and a net margin of 20.54%. The company had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same quarter in the previous year, the firm earned $0.98 earnings per share. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, analysts predict that State Street Corporation will post $5.92 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 18th. Shareholders of record on Monday, July 3rd will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.72%. State Street Corporation’s dividend payout ratio is currently 28.46%.
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Several equities analysts recently weighed in on the stock. BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Bank of America Corporation reaffirmed a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a research note on Friday, May 26th. Goldman Sachs Group, Inc. (The) raised their price objective on shares of State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Keefe, Bruyette & Woods set a $88.00 price objective on shares of State Street Corporation and gave the stock a “hold” rating in a research note on Wednesday, April 26th. Finally, Deutsche Bank AG decreased their target price on State Street Corporation from $81.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 24th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company’s stock. State Street Corporation has a consensus rating of “Hold” and an average price target of $84.86.
In other news, insider Andrew Erickson sold 2,000 shares of State Street Corporation stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $83.28, for a total value of $166,560.00. Following the transaction, the insider now directly owns 21,523 shares in the company, valued at $1,792,435.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Joseph L. Hooley sold 5,666 shares of State Street Corporation stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total value of $497,928.08. The disclosure for this sale can be found here. Insiders sold 14,069 shares of company stock valued at $1,201,189 in the last ninety days. Insiders own 0.64% of the company’s stock.
About State Street Corporation
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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