Bronte Capital Management Pty Ltd. increased its holdings in shares of State Street Co. (NYSE:STT) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 268,980 shares of the asset manager’s stock after purchasing an additional 5,443 shares during the quarter. State Street makes up 2.6% of Bronte Capital Management Pty Ltd.’s portfolio, making the stock its 12th biggest holding. Bronte Capital Management Pty Ltd. owned approximately 0.08% of State Street worth $22,597,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Calamos Advisors LLC grew its holdings in State Street by 3.2% during the 1st quarter. Calamos Advisors LLC now owns 61,602 shares of the asset manager’s stock valued at $5,175,000 after buying an additional 1,904 shares in the last quarter. Stack Financial Management Inc grew its holdings in State Street by 1.0% during the 1st quarter. Stack Financial Management Inc now owns 204,202 shares of the asset manager’s stock valued at $17,155,000 after buying an additional 1,931 shares in the last quarter. Hexavest Inc. grew its holdings in State Street by 61.3% during the 1st quarter. Hexavest Inc. now owns 93,959 shares of the asset manager’s stock valued at $7,893,000 after buying an additional 35,690 shares in the last quarter. First Hawaiian Bank grew its holdings in State Street by 12.5% during the 1st quarter. First Hawaiian Bank now owns 3,702 shares of the asset manager’s stock valued at $311,000 after buying an additional 412 shares in the last quarter. Finally, Thompson Investment Management Inc. grew its holdings in State Street by 0.6% during the 1st quarter. Thompson Investment Management Inc. now owns 99,681 shares of the asset manager’s stock valued at $8,374,000 after buying an additional 575 shares in the last quarter. Hedge funds and other institutional investors own 91.77% of the company’s stock.
In related news, EVP Andrew Erickson sold 11,000 shares of the business’s stock in a transaction on Friday, February 26th. The stock was sold at an average price of $73.30, for a total transaction of $806,300.00. Following the transaction, the executive vice president now directly owns 58,997 shares in the company, valued at approximately $4,324,480.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Michael L. Richards sold 365 shares of the business’s stock in a transaction on Monday, March 1st. The stock was sold at an average price of $74.61, for a total value of $27,232.65. Following the transaction, the executive vice president now owns 24,420 shares in the company, valued at $1,821,976.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,898 shares of company stock worth $873,183. 0.28% of the stock is owned by company insiders.
State Street (NYSE:STT) last announced its quarterly earnings results on Monday, January 18th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.13. State Street had a return on equity of 12.24% and a net margin of 20.75%. The business had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the business posted $1.98 EPS. The business’s revenue was down 4.3% compared to the same quarter last year. As a group, equities research analysts predict that State Street Co. will post 6.58 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 12th. Investors of record on Thursday, April 1st were paid a dividend of $0.52 per share. The ex-dividend date was Wednesday, March 31st. This represents a $2.08 annualized dividend and a yield of 2.42%. State Street’s dividend payout ratio (DPR) is 33.71%.
Several research firms have recently issued reports on STT. Deutsche Bank Aktiengesellschaft raised their price objective on State Street from $97.00 to $100.00 and gave the company a “buy” rating in a research note on Friday. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating and set a $82.00 price objective for the company. in a research note on Monday, January 18th. Piper Sandler raised their price objective on State Street from $69.00 to $81.00 and gave the company a “neutral” rating in a research note on Monday, January 11th. Morgan Stanley raised their price objective on State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Thursday, April 1st. Finally, The Goldman Sachs Group lowered State Street from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $77.00 to $75.00 in a research note on Tuesday, January 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company’s stock. State Street presently has a consensus rating of “Hold” and a consensus price target of $82.60.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product accounting; daily pricing and administration; master trust and master custody; depotbank; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; 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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