California Public Employees Retirement System boosted its holdings in shares of State Street Co. (NYSE:STT – Get Rating) by 0.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 800,980 shares of the asset manager’s stock after acquiring an additional 3,799 shares during the quarter. California Public Employees Retirement System’s holdings in State Street were worth $74,491,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. OLD Second National Bank of Aurora bought a new stake in shares of State Street during the fourth quarter worth $28,000. CVA Family Office LLC lifted its holdings in State Street by 250.4% during the 4th quarter. CVA Family Office LLC now owns 410 shares of the asset manager’s stock valued at $38,000 after buying an additional 293 shares in the last quarter. American Research & Management Co. boosted its position in State Street by 266.7% in the 4th quarter. American Research & Management Co. now owns 550 shares of the asset manager’s stock valued at $51,000 after buying an additional 400 shares during the period. Private Ocean LLC purchased a new position in shares of State Street during the fourth quarter worth approximately $60,000. Finally, Allegheny Financial Group LTD bought a new stake in shares of State Street during the fourth quarter valued at approximately $63,000. 91.48% of the stock is currently owned by institutional investors.
Several research firms have commented on STT. Morgan Stanley reduced their price objective on State Street from $123.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, April 18th. Argus upgraded State Street from a “hold” rating to a “buy” rating and set a $93.00 price objective for the company in a report on Thursday, April 21st. Wells Fargo & Company dropped their target price on shares of State Street from $104.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, April 18th. Zacks Investment Research lowered shares of State Street from a “buy” rating to a “hold” rating and set a $99.00 price target for the company. in a report on Friday, January 21st. Finally, Citigroup downgraded shares of State Street from a “buy” rating to a “neutral” rating in a research note on Monday, April 11th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $102.29.
State Street (NYSE:STT – Get Rating) last issued its quarterly earnings results on Thursday, April 14th. The asset manager reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.12. State Street had a return on equity of 11.59% and a net margin of 22.82%. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.03 billion. During the same quarter last year, the company earned $1.47 earnings per share. The company’s quarterly revenue was up 4.4% on a year-over-year basis. On average, equities research analysts anticipate that State Street Co. will post 7.86 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 11th. Shareholders of record on Friday, April 1st were paid a dividend of $0.57 per share. 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 3.29%. 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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