Gabelli Funds LLC Sells 22,750 Shares of State Street Corporation $STT

Gabelli Funds LLC reduced its position in State Street Corporation (NYSE:STT) by 4.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 438,338 shares of the asset manager’s stock after selling 22,750 shares during the period. Gabelli Funds LLC owned 0.16% of State Street worth $50,852,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. True Wealth Design LLC lifted its stake in shares of State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 158 shares during the period. Flagship Wealth Advisors LLC acquired a new stake in State Street in the third quarter worth about $35,000. SJS Investment Consulting Inc. increased its position in State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 300 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its holdings in State Street by 38.2% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares during the last quarter. Finally, City Holding Co. acquired a new position in State Street during the 3rd quarter valued at about $47,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Down 3.4%

State Street stock opened at $120.85 on Friday. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $137.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The firm has a market capitalization of $33.68 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 1.10 and a beta of 1.43. The company’s 50 day simple moving average is $129.61 and its 200 day simple moving average is $121.66.

State Street (NYSE:STT) last posted its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the business posted $2.60 earnings per share. As a group, sell-side analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. State Street’s dividend payout ratio is currently 35.71%.

Analyst Upgrades and Downgrades

STT has been the subject of several analyst reports. Morgan Stanley lowered their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. Citigroup assumed coverage on shares of State Street in a report on Monday, February 23rd. They set a “buy” rating and a $150.00 target price for the company. Finally, Loop Capital set a $144.00 target price on shares of State Street in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average price target of $135.83.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.