Barrow Hanley Mewhinney & Strauss LLC reduced its position in State Street Corp (NYSE:STT) by 9.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,461,380 shares of the asset manager’s stock after selling 595,042 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC owned about 1.47% of State Street worth $521,780,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Zions Bancorporation grew its holdings in State Street by 318.0% during the 3rd quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock worth $100,000 after acquiring an additional 795 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of State Street by 18.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after acquiring an additional 172 shares during the period. Penserra Capital Management LLC acquired a new position in shares of State Street during the 2nd quarter valued at $107,000. Bronfman E.L. Rothschild L.P. lifted its position in shares of State Street by 15.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after acquiring an additional 168 shares during the period. Finally, Sabal Trust CO acquired a new position in shares of State Street during the 3rd quarter valued at $201,000. 88.12% of the stock is currently owned by institutional investors.
Several research firms have weighed in on STT. Citigroup restated a “neutral” rating and set a $102.00 price objective (up previously from $88.00) on shares of State Street in a report on Monday, October 9th. Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research note on Tuesday, November 14th. Morgan Stanley upped their target price on shares of State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 24th. ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Finally, Jefferies Group restated a “hold” rating and set a $100.00 price target on shares of State Street in a research report on Friday, September 15th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $97.87.
State Street (NYSE:STT) last released its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.10. The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.35 earnings per share. analysts forecast that State Street Corp will post 6.25 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Friday, December 29th. State Street’s dividend payout ratio is currently 29.07%.
In related news, insider Andrew Erickson sold 354 shares of State Street stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total value of $296,448.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,724 shares of company stock valued at $2,659,741. 0.71% of the stock is owned by insiders.
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State Street Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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