Cullinan Associates Inc. Decreases Stake in State Street Corp (STT)
Cullinan Associates Inc. lowered its stake in State Street Corp (NYSE:STT) by 2.4% during the first quarter, Holdings Channel reports. The institutional investor owned 7,965 shares of the asset manager’s stock after selling 200 shares during the period. Cullinan Associates Inc.’s holdings in State Street Corp were worth $634,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of State Street Corp by 10.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 37,536,973 shares of the asset manager’s stock valued at $2,613,699,000 after buying an additional 3,594,037 shares in the last quarter. State Street Corp boosted its position in shares of State Street Corp by 6.3% in the fourth quarter. State Street Corp now owns 18,780,438 shares of the asset manager’s stock valued at $1,459,614,000 after buying an additional 1,116,274 shares in the last quarter. FMR LLC boosted its position in shares of State Street Corp by 14.5% in the fourth quarter. FMR LLC now owns 17,440,299 shares of the asset manager’s stock valued at $1,355,460,000 after buying an additional 2,207,345 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of State Street Corp during the fourth quarter valued at about $228,065,000. Finally, Brandes Investment Partners LP boosted its position in shares of State Street Corp by 0.9% in the third quarter. Brandes Investment Partners LP now owns 2,703,203 shares of the asset manager’s stock valued at $188,225,000 after buying an additional 24,433 shares in the last quarter. 85.06% of the stock is owned by hedge funds and other institutional investors.
State Street Corp (NYSE:STT) traded down 1.59% during trading on Tuesday, hitting $77.23. The stock had a trading volume of 559,230 shares. The stock has a market cap of $29.50 billion, a PE ratio of 15.54 and a beta of 1.40. The firm’s 50-day moving average price is $78.96 and its 200-day moving average price is $77.30. State Street Corp has a 1-year low of $50.60 and a 1-year high of $83.49.
State Street Corp (NYSE:STT) last issued its quarterly earnings data on Wednesday, January 25th. The asset manager reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.16. State Street Corp had a return on equity of 12.13% and a net margin of 20.16%. The business earned $2.50 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same period in the prior year, the company posted $1.21 EPS. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts predict that State Street Corp will post $5.79 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 18th. Investors of record on Monday, April 3rd will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Thursday, March 30th. State Street Corp’s dividend payout ratio (DPR) is 30.52%.
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Several equities analysts recently issued reports on STT shares. Zacks Investment Research raised State Street Corp from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a report on Tuesday, January 3rd. Goldman Sachs Group Inc raised State Street Corp from a “neutral” rating to a “buy” rating in a report on Wednesday, January 4th. Deutsche Bank AG reduced their price objective on State Street Corp from $85.00 to $84.00 and set a “hold” rating for the company in a report on Thursday, April 6th. Credit Suisse Group AG reaffirmed a “neutral” rating and set a $82.00 price objective (up from $80.00) on shares of State Street Corp in a report on Tuesday, March 21st. Finally, Jefferies Group LLC cut State Street Corp from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $89.00 to $87.00 in a report on Tuesday, April 11th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $81.58.
In related news, insider Wai-Kwong Seck sold 20,000 shares of the stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $79.04, for a total value of $1,580,800.00. Following the completion of the transaction, the insider now directly owns 60,093 shares of the company’s stock, valued at approximately $4,749,750.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrew P. Kuritzkes sold 4,675 shares of the stock in a transaction that occurred on Thursday, February 16th. The stock was sold at an average price of $80.59, for a total value of $376,758.25. The disclosure for this sale can be found here. Insiders sold a total of 25,851 shares of company stock valued at $2,050,862 over the last three months. Corporate insiders own 0.64% of the company’s stock.
State Street Corp Company Profile
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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