Allegheny Financial Group LTD bought a new stake in State Street Co. (NYSE:STT – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 682 shares of the asset manager’s stock, valued at approximately $63,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Louisiana State Employees Retirement System boosted its stake in State Street by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 22,900 shares of the asset manager’s stock valued at $2,130,000 after acquiring an additional 100 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in shares of State Street by 0.3% during the fourth quarter. IFM Investors Pty Ltd now owns 48,049 shares of the asset manager’s stock worth $4,469,000 after buying an additional 121 shares during the period. MMA Asset Management LLC lifted its stake in shares of State Street by 4.8% during the fourth quarter. MMA Asset Management LLC now owns 2,691 shares of the asset manager’s stock worth $250,000 after buying an additional 124 shares during the period. CX Institutional lifted its stake in shares of State Street by 1.8% during the third quarter. CX Institutional now owns 7,407 shares of the asset manager’s stock worth $628,000 after buying an additional 130 shares during the period. Finally, Quadrant Capital Group LLC lifted its stake in shares of State Street by 7.3% during the fourth quarter. Quadrant Capital Group LLC now owns 2,107 shares of the asset manager’s stock worth $196,000 after buying an additional 144 shares during the period. Institutional investors own 91.48% of the company’s stock.
Several equities research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating and set a $99.00 price objective for the company. in a research note on Friday, January 21st. Wells Fargo & Company lowered their price objective on shares of State Street from $104.00 to $95.00 and set an “equal weight” rating for the company in a research note on Monday, April 18th. Citigroup downgraded shares of State Street from a “buy” rating to a “neutral” rating in a research note on Monday, April 11th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of State Street from $113.00 to $100.00 and set a “buy” rating for the company in a research report on Monday, April 18th. Finally, Morgan Stanley decreased their target price on shares of State Street from $123.00 to $112.00 and set an “overweight” rating for the company in a research report on Monday, April 18th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus price target of $102.29.
State Street (NYSE:STT – Get Rating) last released its quarterly earnings data on Thursday, April 14th. The asset manager reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.12. State Street had a net margin of 22.82% and a return on equity of 11.59%. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.03 billion. During the same quarter in the previous year, the company earned $1.47 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities research analysts forecast that State Street Co. will post 7.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 11th. Shareholders of record on Friday, April 1st were issued a $0.57 dividend. The ex-dividend date of this dividend was Thursday, March 31st. This represents a $2.28 dividend on an annualized basis and a yield of 3.13%. State Street’s payout ratio is 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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