Charles Schwab Investment Management Inc. raised its position in State Street Co. (NYSE:STT – Get Rating) by 2.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,896,762 shares of the asset manager’s stock after buying an additional 45,965 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in State Street were worth $176,400,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd acquired a new position in State Street in the 4th quarter valued at $31,000. Confluence Wealth Services Inc. acquired a new stake in shares of State Street during the 4th quarter worth $35,000. OLD Second National Bank of Aurora acquired a new stake in shares of State Street during the 4th quarter worth $28,000. CVA Family Office LLC grew its holdings in shares of State Street by 250.4% during the 4th quarter. CVA Family Office LLC now owns 410 shares of the asset manager’s stock worth $38,000 after purchasing an additional 293 shares in the last quarter. Finally, American Research & Management Co. grew its holdings in shares of State Street by 266.7% during the 4th quarter. American Research & Management Co. now owns 550 shares of the asset manager’s stock worth $51,000 after purchasing an additional 400 shares in the last quarter. 91.48% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently issued reports on STT shares. Argus raised State Street from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a report on Thursday, April 21st. Barclays dropped their price objective on State Street from $130.00 to $115.00 in a research report on Monday, April 18th. Citigroup downgraded State Street from a “buy” rating to a “neutral” rating in a research report on Monday, April 11th. StockNews.com assumed coverage on State Street in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Wells Fargo & Company dropped their price objective on State Street from $104.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, April 18th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $100.86.
State Street (NYSE:STT – Get Rating) last announced its earnings results on Thursday, April 14th. The asset manager reported $1.59 EPS for the quarter, beating the consensus estimate of $1.47 by $0.12. The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.03 billion. State Street had a net margin of 22.82% and a return on equity of 11.59%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.47 earnings per share. On average, research analysts forecast that State Street Co. will post 7.86 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 11th. Stockholders of record on Friday, July 1st will be issued a $0.57 dividend. The ex-dividend date of this dividend is Thursday, June 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.38%. State Street’s dividend payout ratio is currently 30.89%.
About State Street (Get Rating)
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product 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 and enhanced custody products; 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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