Profund Advisors LLC Buys 2,619 Shares of State Street Corp (STT)
Profund Advisors LLC raised its stake in State Street Corp (NYSE:STT) by 29.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,415 shares of the asset manager’s stock after acquiring an additional 2,619 shares during the period. Profund Advisors LLC’s holdings in State Street were worth $1,114,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Livingston Group Asset Management CO operating as Southport Capital Management grew its stake in shares of State Street by 13.6% in the fourth quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,534 shares of the asset manager’s stock worth $443,000 after acquiring an additional 542 shares during the last quarter. Puzo Michael J grew its stake in shares of State Street by 7.8% in the fourth quarter. Puzo Michael J now owns 7,599 shares of the asset manager’s stock worth $743,000 after acquiring an additional 550 shares during the last quarter. Covenant Asset Management LLC grew its stake in shares of State Street by 3.8% in the fourth quarter. Covenant Asset Management LLC now owns 15,382 shares of the asset manager’s stock worth $1,501,000 after acquiring an additional 564 shares during the last quarter. Ledyard National Bank grew its stake in shares of State Street by 12.1% in the fourth quarter. Ledyard National Bank now owns 5,703 shares of the asset manager’s stock worth $557,000 after acquiring an additional 615 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its stake in shares of State Street by 1.8% in the third quarter. Evergreen Capital Management LLC now owns 34,775 shares of the asset manager’s stock worth $3,322,000 after acquiring an additional 629 shares during the last quarter. 89.15% of the stock is currently owned by hedge funds and other institutional investors.
In other State Street news, insider Jeff D. Conway sold 747 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $103.07, for a total value of $76,993.29. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joseph L. Hooley sold 33,568 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $102.65, for a total value of $3,445,755.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,531 shares of company stock worth $5,146,169. Corporate insiders own 0.71% of the company’s stock.
State Street (NYSE:STT) last announced 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). The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.48 earnings per share. analysts predict that State Street Corp will post 7.68 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Stockholders of record on Monday, April 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, March 29th. State Street’s payout ratio is currently 28.38%.
A number of equities research analysts have recently commented on the company. Morgan Stanley increased their target price on State Street from $105.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 25th. Vining Sparks reissued a “buy” rating and issued a $120.00 target price on shares of State Street in a research note on Monday, January 8th. ValuEngine raised State Street from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Barclays increased their target price on State Street from $104.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods set a $120.00 target price on State Street and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $108.33.
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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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