CX Institutional Grows Position in State Street Co. (NYSE:STT)

CX Institutional increased its holdings in shares of State Street Co. (NYSE:STT) by 6.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,729 shares of the asset manager’s stock after purchasing an additional 481 shares during the quarter. CX Institutional’s holdings in State Street were worth $759,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Geode Capital Management LLC increased its position in shares of State Street by 0.6% in the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after acquiring an additional 41,442 shares in the last quarter. FMR LLC raised its position in State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after purchasing an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after purchasing an additional 1,354,560 shares in the last quarter. Metropolis Capital Ltd grew its stake in shares of State Street by 3.9% in the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock valued at $379,209,000 after buying an additional 161,466 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after buying an additional 408,792 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Evercore ISI increased their price objective on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research note on Friday, December 20th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price objective (down from $104.00) on shares of State Street in a research report on Wednesday. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Finally, Wells Fargo & Company increased their price target on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Hold” and an average price target of $100.73.

State Street Stock Performance

Shares of STT opened at $99.09 on Friday. The business’s fifty day moving average price is $98.00 and its 200 day moving average price is $90.36. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a 12-month low of $70.20 and a 12-month high of $101.91. The stock has a market capitalization of $29.05 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3,267,560 billion. During the same quarter in the prior year, the business earned $2.04 earnings per share. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. Equities research analysts forecast that State Street Co. will post 9.43 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Thursday, January 2nd. State Street’s payout ratio is 36.89%.

About State Street

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, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.