Capital International Investors Reduces Position in State Street Corporation $STT

Capital International Investors trimmed its holdings in State Street Corporation (NYSE:STT) by 22.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,275,823 shares of the asset manager’s stock after selling 655,787 shares during the period. Capital International Investors’ holdings in State Street were worth $264,022,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. Regents of The University of California acquired a new position in shares of State Street in the 3rd quarter valued at $324,576,000. Jones Financial Companies Lllp raised its stake in State Street by 11.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock worth $24,139,000 after acquiring an additional 21,810 shares in the last quarter. Machina Capital S.A.S. acquired a new stake in State Street during the 3rd quarter worth $2,622,000. AE Wealth Management LLC purchased a new stake in State Street in the third quarter valued at $6,611,000. Finally, Impax Asset Management Group plc lifted its position in State Street by 49.2% in the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after acquiring an additional 42,198 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on STT. Loop Capital set a $144.00 price objective on State Street in a report on Tuesday, January 6th. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Finally, Citigroup assumed coverage on State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Trading Up 0.5%

NYSE STT opened at $122.50 on Wednesday. The firm’s fifty day moving average is $129.25 and its two-hundred day moving average is $121.92. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a market cap of $34.14 billion, a PE ratio of 13.02, a P/E/G ratio of 1.07 and a beta of 1.43.

State Street (NYSE:STT) last announced 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. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the firm earned $2.60 earnings per share. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. Analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 35.71%.

State Street Company Profile

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.