Hills Bank & Trust Co. lowered its stake in State Street Corp (NYSE:STT) by 45.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,054 shares of the asset manager’s stock after selling 4,127 shares during the quarter. Hills Bank & Trust Co.’s holdings in State Street were worth $299,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. First Trust Advisors LP boosted its position in shares of State Street by 177.5% during the 1st quarter. First Trust Advisors LP now owns 435,172 shares of the asset manager’s stock valued at $28,639,000 after acquiring an additional 278,352 shares during the last quarter. Woodstock Corp lifted its position in State Street by 0.7% in the 2nd quarter. Woodstock Corp now owns 98,902 shares of the asset manager’s stock worth $5,544,000 after buying an additional 675 shares during the last quarter. Metropolis Capital Ltd lifted its position in State Street by 13.9% in the 2nd quarter. Metropolis Capital Ltd now owns 946,568 shares of the asset manager’s stock worth $53,065,000 after buying an additional 115,593 shares during the last quarter. Rockland Trust Co. lifted its position in State Street by 5.8% in the 2nd quarter. Rockland Trust Co. now owns 9,553 shares of the asset manager’s stock worth $536,000 after buying an additional 525 shares during the last quarter. Finally, Sanders Morris Harris LLC bought a new stake in State Street in the 2nd quarter worth approximately $1,721,000. Institutional investors and hedge funds own 92.22% of the company’s stock.
State Street stock traded up $0.44 during trading hours on Friday, reaching $73.10. The company had a trading volume of 2,326,431 shares, compared to its average volume of 2,817,832. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.48 and a quick ratio of 0.48. State Street Corp has a 12-month low of $48.62 and a 12-month high of $77.00. The firm has a market cap of $25.55 billion, a price-to-earnings ratio of 10.12, a P/E/G ratio of 1.14 and a beta of 1.52. The company has a 50-day moving average price of $62.19 and a 200 day moving average price of $58.53.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.52 per share. The ex-dividend date was Monday, September 30th. This is a boost from State Street’s previous quarterly dividend of $0.47. This represents a $2.08 annualized dividend and a dividend yield of 2.85%. State Street’s payout ratio is 28.81%.
In other news, CEO Hanley Ronald P. O purchased 7,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were bought at an average cost of $50.43 per share, for a total transaction of $353,010.00. Following the completion of the transaction, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at approximately $6,416,461.05. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 7,124 shares of State Street stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $73.10, for a total value of $520,764.40. Insiders have sold 75,133 shares of company stock worth $4,749,856 over the last three months. Insiders own 0.40% of the company’s stock.
A number of analysts recently weighed in on the company. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $68.00 target price (up previously from $60.00) on shares of State Street in a research report on Monday, October 21st. ValuEngine upgraded State Street from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. UBS Group boosted their target price on State Street from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Wells Fargo & Co set a $55.00 target price on State Street and gave the stock a “hold” rating in a research report on Friday, August 16th. Finally, Raymond James boosted their target price on State Street from $69.00 to $77.00 and gave the stock a “strong-buy” rating in a research report on Monday, October 21st. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $69.02.
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 and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; 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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