UBS Asset Management Americas Inc. increased its stake in State Street Corp (NYSE:STT) by 16.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,373,089 shares of the asset manager’s stock after buying an additional 192,477 shares during the period. UBS Asset Management Americas Inc.’s holdings in State Street were worth $134,027,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in State Street by 1.3% in the fourth quarter. BlackRock Inc. now owns 21,564,559 shares of the asset manager’s stock worth $2,104,916,000 after buying an additional 276,242 shares in the last quarter. Rhumbline Advisers raised its stake in State Street by 2.5% in the fourth quarter. Rhumbline Advisers now owns 651,403 shares of the asset manager’s stock worth $63,583,000 after buying an additional 15,604 shares in the last quarter. Vestpro Financial Partners Inc. dba CPF Texas bought a new position in State Street in the fourth quarter worth about $645,000. Exencial Wealth Advisors LLC raised its stake in State Street by 2.4% in the fourth quarter. Exencial Wealth Advisors LLC now owns 33,851 shares of the asset manager’s stock worth $3,304,000 after buying an additional 800 shares in the last quarter. Finally, Shell Asset Management Co. raised its stake in State Street by 63.2% in the fourth quarter. Shell Asset Management Co. now owns 139,869 shares of the asset manager’s stock worth $13,653,000 after buying an additional 54,150 shares in the last quarter. 87.56% of the stock is owned by institutional investors.
A number of equities research analysts have weighed in on STT shares. Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 price objective on the stock in a report on Thursday, January 25th. Morgan Stanley upped their price objective on shares of State Street from $114.00 to $117.00 and gave the stock an “equal weight” rating in a report on Friday, February 2nd. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Wednesday, January 10th. ValuEngine cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Finally, Barclays increased their price target on shares of State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $106.69.
State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, January 23rd. The asset manager reported $1.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.71 by ($0.10). The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $2.98 billion. State Street had a net margin of 17.94% and a return on equity of 13.41%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.48 earnings per share. analysts anticipate that State Street Corp will post 7.62 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, April 2nd will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, March 29th. This represents a $1.68 annualized dividend and a yield of 1.61%. State Street’s payout ratio is 32.06%.
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About State Street
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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