Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of State Street Co. (NYSE:STT) by 6,822.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,800 shares of the asset manager’s stock after purchasing an additional 103,286 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in State Street were worth $7,627,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of STT. Principal Financial Group Inc. increased its holdings in shares of State Street by 187.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,499,168 shares of the asset manager’s stock worth $109,109,000 after buying an additional 977,592 shares in the last quarter. Rothschild & Co. Asset Management US Inc. raised its position in State Street by 81.8% in the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 1,186,376 shares of the asset manager’s stock valued at $86,344,000 after purchasing an additional 533,695 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of State Street by 8.4% during the fourth quarter. Wedge Capital Management L L P NC now owns 325,385 shares of the asset manager’s stock worth $23,682,000 after purchasing an additional 25,168 shares during the last quarter. Sei Investments Co. grew its holdings in State Street by 1.6% during the 4th quarter. Sei Investments Co. now owns 325,725 shares of the asset manager’s stock worth $23,735,000 after acquiring an additional 5,083 shares during the last quarter. Finally, Fulton Bank N.A. acquired a new stake in State Street in the fourth quarter valued at $257,000. 91.77% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Michael L. Richards sold 533 shares of the business’s stock in a transaction that occurred on Tuesday, February 23rd. The shares were sold at an average price of $74.39, for a total value of $39,649.87. Following the sale, the executive vice president now owns 17,315 shares of the company’s stock, valued at $1,288,062.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Andrew Erickson sold 11,000 shares of the company’s stock in a transaction that occurred on Friday, February 26th. The shares were sold at an average price of $73.30, for a total transaction of $806,300.00. Following the sale, the executive vice president now owns 58,997 shares in the company, valued at $4,324,480.10. The disclosure for this sale can be found here. Insiders have sold a total of 11,898 shares of company stock worth $873,183 in the last ninety days. Insiders own 0.28% of the company’s stock.
State Street (NYSE:STT) last issued its quarterly earnings results on Monday, January 18th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.56 by $0.13. State Street had a net margin of 20.75% and a return on equity of 12.24%. The company had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the business posted $1.98 EPS. State Street’s quarterly revenue was down 4.3% compared to the same quarter last year. Analysts forecast that State Street Co. will post 6.58 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 12th. Shareholders of record on Thursday, April 1st will be paid a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, March 31st. This represents a $2.08 annualized dividend and a dividend yield of 2.45%. State Street’s payout ratio is presently 33.71%.
Several equities research analysts recently commented on STT shares. Royal Bank of Canada raised their target price on State Street from $78.00 to $86.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 20th. Morgan Stanley boosted their price objective on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Thursday, April 1st. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating and set a $82.00 target price on the stock. in a report on Monday, January 18th. Credit Suisse Group lifted their target price on State Street from $78.00 to $81.00 and gave the company a “neutral” rating in a research report on Wednesday, January 20th. Finally, Barclays increased their price target on State Street from $99.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $81.27.
State Street 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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