4,784 Shares in State Street Corp (STT) Acquired by Signition LP
Signition LP bought a new position in shares of State Street Corp (NYSE:STT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,784 shares of the asset manager’s stock, valued at approximately $467,000.
A number of other hedge funds also recently made changes to their positions in STT. Zions Bancorporation boosted its stake in State Street by 318.0% during the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock worth $100,000 after buying an additional 795 shares during the period. NuWave Investment Management LLC purchased a new position in State Street during the fourth quarter worth about $107,000. Legacy Advisors LLC boosted its stake in shares of State Street by 835.8% in the fourth quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock valued at $112,000 after purchasing an additional 1,028 shares during the period. Sabal Trust CO purchased a new position in shares of State Street in the third quarter valued at approximately $201,000. Finally, BB&T Corp purchased a new position in shares of State Street in the fourth quarter valued at approximately $203,000. 88.46% of the stock is owned by institutional investors.
In related news, insider Andrew Erickson sold 354 shares of State Street stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total value of $32,568.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.71% of the stock is owned by insiders.
State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, January 23rd. The asset manager reported $1.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.10). State Street had a return on equity of 13.41% and a net margin of 17.94%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.98 billion. During the same quarter in the prior year, the firm earned $1.48 EPS. The firm’s revenue was up 8.5% compared to the same quarter last year. equities research analysts forecast that State Street Corp will post 7.51 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, December 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.66%. State Street’s dividend payout ratio is currently 32.12%.
STT has been the subject of several recent research reports. Royal Bank of Canada lowered their price objective on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 24th. Morgan Stanley raised their price objective on shares of State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Zacks Investment Research lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research note on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $106.69.
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State Street 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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