Shelton Capital Management lessened its holdings in State Street Corporation (NYSE:STT) by 49.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,793 shares of the asset manager’s stock after selling 21,400 shares during the quarter. Shelton Capital Management’s holdings in State Street were worth $2,082,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Zions Bancorporation boosted its holdings in shares of State Street by 318.0% in the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock valued at $100,000 after purchasing an additional 795 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of State Street by 18.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after acquiring an additional 172 shares in the last quarter. Penserra Capital Management LLC acquired a new stake in shares of State Street during the 2nd quarter valued at $107,000. Bronfman E.L. Rothschild L.P. boosted its holdings in shares of State Street by 15.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after acquiring an additional 168 shares in the last quarter. Finally, Eagle Asset Management Inc. acquired a new stake in shares of State Street during the 2nd quarter valued at $200,000. 88.10% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently weighed in on STT. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a report on Wednesday, August 30th. ValuEngine downgraded State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Jefferies Group reissued a “hold” rating and set a $100.00 price objective on shares of State Street in a report on Friday, September 15th. Citigroup reissued a “neutral” rating and set a $102.00 price objective (up previously from $88.00) on shares of State Street in a report on Monday, October 9th. Finally, Keefe, Bruyette & Woods set a $93.00 price objective on State Street and gave the company a “hold” rating in a report on Monday, August 28th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. State Street currently has an average rating of “Hold” and a consensus target price of $97.60.
In other State Street news, Chairman Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Andrew Erickson sold 354 shares of State Street stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,724 shares of company stock worth $2,659,741 over the last ninety days. Company insiders own 0.71% of the company’s stock.
Shares of State Street Corporation (STT) traded down $1.21 on Friday, reaching $97.97. The company’s stock had a trading volume of 1,918,700 shares, compared to its average volume of 1,961,350. The firm has a market cap of $36,779.59, a P/E ratio of 16.34, a PEG ratio of 1.69 and a beta of 1.35. State Street Corporation has a 52-week low of $74.45 and a 52-week high of $100.90. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48.
State Street (NYSE:STT) last announced its earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.10. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street had a return on equity of 13.03% and a net margin of 20.56%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.35 EPS. equities research analysts forecast that State Street Corporation will post 6.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.71%. State Street’s payout ratio is presently 29.12%.
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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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