Sage Capital Advisors llc acquired a new position in shares of State Street Corp (NYSE:STT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 26,443 shares of the asset manager’s stock, valued at approximately $2,092,000. State Street accounts for approximately 1.3% of Sage Capital Advisors llc’s portfolio, making the stock its 28th largest position.
Several other large investors have also recently modified their holdings of STT. Price T Rowe Associates Inc. MD raised its position in shares of State Street by 24.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,962,313 shares of the asset manager’s stock worth $670,607,000 after acquiring an additional 2,323,171 shares in the last quarter. Nuveen Asset Management LLC lifted its position in State Street by 21,541.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,087,558 shares of the asset manager’s stock valued at $117,029,000 after acquiring an additional 2,077,912 shares in the last quarter. BlackRock Inc. lifted its position in State Street by 7.0% in the 2nd quarter. BlackRock Inc. now owns 30,035,664 shares of the asset manager’s stock valued at $1,683,799,000 after acquiring an additional 1,975,332 shares in the last quarter. Yacktman Asset Management LP lifted its position in State Street by 63.0% in the 3rd quarter. Yacktman Asset Management LP now owns 4,298,033 shares of the asset manager’s stock valued at $254,401,000 after acquiring an additional 1,661,988 shares in the last quarter. Finally, Millennium Management LLC lifted its position in State Street by 868.1% in the 3rd quarter. Millennium Management LLC now owns 1,240,039 shares of the asset manager’s stock valued at $73,397,000 after acquiring an additional 1,111,954 shares in the last quarter. Institutional investors own 89.89% of the company’s stock.
A number of brokerages recently commented on STT. Morgan Stanley lifted their price target on State Street from $71.00 to $76.00 and gave the stock an “underweight” rating in a report on Monday, December 23rd. Citigroup upped their price objective on State Street from $67.00 to $89.00 and gave the company a “buy” rating in a research note on Monday, December 16th. Bank of America upped their price objective on State Street from $64.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Goldman Sachs Group raised State Street from a “neutral” rating to a “buy” rating and raised their target price for the company from $76.00 to $95.00 in a research report on Monday, January 6th. Finally, UBS Group lifted their target price on State Street from $65.00 to $81.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $77.40.
State Street (NYSE:STT) last released its earnings results on Friday, October 18th. The asset manager reported $1.51 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.11. State Street had a return on equity of 11.34% and a net margin of 16.18%. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the previous year, the business posted $1.87 EPS. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that State Street Corp will post 5.88 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 2nd will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Tuesday, December 31st. State Street’s dividend payout ratio is currently 28.81%.
In related news, EVP Karen C. Keenan sold 4,778 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $74.29, for a total transaction of $354,957.62. Also, EVP Joerg Ambrosius sold 2,500 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.08, for a total transaction of $187,700.00. Following the transaction, the executive vice president now owns 14,654 shares of the company’s stock, valued at $1,100,222.32. The disclosure for this sale can be found here. Insiders sold a total of 118,984 shares of company stock worth $7,709,865 over the last 90 days. 0.40% of the stock is currently owned by company insiders.
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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