Gabelli Funds LLC Has $50.85 Million Stake in State Street Corporation $STT

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

A number of other hedge funds also recently modified their holdings of the business. Regents of The University of California acquired a new position in shares of State Street in the 3rd quarter valued at approximately $324,576,000. Jones Financial Companies Lllp raised its holdings 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 buying an additional 21,810 shares during the period. Machina Capital S.A.S. bought a new position in State Street in the third quarter valued at approximately $2,622,000. AE Wealth Management LLC acquired a new position in shares of State Street in the third quarter valued at approximately $6,611,000. Finally, Impax Asset Management Group plc boosted its holdings in shares of 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 buying an additional 42,198 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Price Performance

NYSE STT opened at $120.85 on Friday. The firm’s 50 day moving average is $129.61 and its 200-day moving average is $121.66. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $33.68 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.10 and a beta of 1.43. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05.

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

State Street Announces Dividend

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

Wall Street Analysts Forecast Growth

STT has been the topic of a number of research analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a report on Tuesday, January 6th. Loop Capital set a $144.00 target price on shares of State Street in a research note on Tuesday, January 6th. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Finally, Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, State Street presently has an average rating of “Moderate Buy” and an average price target of $135.83.

State Street 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.