Bank of Montreal Can Increases Stake in State Street Corporation $STT

Bank of Montreal Can boosted its stake in shares of State Street Corporation (NYSE:STT) by 21.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 841,102 shares of the asset manager’s stock after purchasing an additional 150,603 shares during the period. Bank of Montreal Can owned approximately 0.30% of State Street worth $97,576,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Sienna Gestion raised its holdings in shares of State Street by 28.6% in the third quarter. Sienna Gestion now owns 118,255 shares of the asset manager’s stock worth $12,508,000 after buying an additional 26,299 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of State Street in the 3rd quarter valued at $5,215,000. Private Advisor Group LLC raised its stake in State Street by 24.9% in the 3rd quarter. Private Advisor Group LLC now owns 8,117 shares of the asset manager’s stock worth $942,000 after acquiring an additional 1,618 shares during the last quarter. Jefferies Financial Group Inc. lifted its position in State Street by 138.0% during the 3rd quarter. Jefferies Financial Group Inc. now owns 58,996 shares of the asset manager’s stock worth $6,844,000 after acquiring an additional 34,206 shares during the period. Finally, Pinnacle Associates Ltd. lifted its position in State Street by 12.6% during the 3rd quarter. Pinnacle Associates Ltd. now owns 5,925 shares of the asset manager’s stock worth $687,000 after acquiring an additional 665 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Up 2.9%

Shares of STT stock opened at $126.08 on Thursday. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $137.05. The stock has a market cap of $35.14 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.07 and a beta of 1.43. The stock has a 50 day moving average of $129.19 and a 200 day moving average of $121.95. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.60 EPS. As a group, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. State Street’s dividend payout ratio is 35.71%.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of research reports. The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a report on Tuesday, January 6th. TD Cowen reaffirmed a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Loop Capital set a $144.00 target price on State Street in a research report on Tuesday, January 6th. Morgan Stanley cut their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Finally, Citigroup assumed coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $135.83.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.