Ferguson Wellman Capital Management Inc. bought a new stake in shares of State Street Corp (NYSE:STT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 12,989 shares of the asset manager’s stock, valued at approximately $769,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC boosted its position in State Street by 693.4% during the 2nd quarter. CWM LLC now owns 484 shares of the asset manager’s stock valued at $27,000 after acquiring an additional 423 shares in the last quarter. Putnam FL Investment Management Co. acquired a new stake in shares of State Street in the 2nd quarter worth $28,000. Massmutual Trust Co. FSB ADV acquired a new stake in shares of State Street in the 2nd quarter worth $31,000. Reilly Financial Advisors LLC boosted its position in shares of State Street by 91.7% in the 3rd quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock worth $37,000 after purchasing an additional 300 shares in the last quarter. Finally, NuWave Investment Management LLC boosted its position in shares of State Street by 50.8% in the 2nd quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock worth $42,000 after purchasing an additional 250 shares in the last quarter. 89.92% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Jeffrey N. Carp sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $51.72, for a total transaction of $1,293,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Hanley Ronald P. O bought 7,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were acquired at an average price 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 in the company, valued at $6,416,461.05. The disclosure for this purchase can be found here. Insiders have bought a total of 11,000 shares of company stock worth $577,375 over the last 90 days. Insiders own 0.40% of the company’s stock.
State Street (NYSE:STT) last posted its earnings results on Friday, July 19th. The asset manager reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.05. State Street had a return on equity of 12.13% and a net margin of 17.66%. The firm had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same period last year, the firm earned $2.05 EPS. The company’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, analysts forecast that State Street Corp will post 5.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from State Street’s previous quarterly dividend of $0.47. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.52%. State Street’s dividend payout ratio (DPR) is 28.81%.
A number of research firms have recently weighed in on STT. ValuEngine raised State Street from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. UBS Group raised their price objective on State Street from $58.00 to $59.00 and gave the stock a “neutral” rating in a research report on Monday, July 8th. Deutsche Bank lowered their price objective on State Street from $55.00 to $53.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Royal Bank of Canada lowered their price objective on State Street from $80.00 to $65.00 and set a “sector perform” rating for the company in a research report on Wednesday, June 19th. Finally, Wells Fargo & Co set a $55.00 price objective on State Street and gave the company a “hold” rating in a research note on Friday, August 16th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $67.55.
About State Street
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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