DAVENPORT & Co LLC Has $2.43 Million Stock Position in State Street Corporation $STT

DAVENPORT & Co LLC raised its holdings in shares of State Street Corporation (NYSE:STT) by 134.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,803 shares of the asset manager’s stock after acquiring an additional 10,783 shares during the quarter. DAVENPORT & Co LLC’s holdings in State Street were worth $2,426,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Regents of The University of California bought a new stake in shares of State Street in the third quarter worth $324,576,000. Norges Bank bought a new position in State Street in the second quarter valued at $256,367,000. Two Sigma Investments LP grew its position in State Street by 261.0% in the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after purchasing an additional 880,507 shares in the last quarter. First Trust Advisors LP increased its stake in State Street by 36.8% in the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after buying an additional 738,456 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in State Street in the 3rd quarter valued at $62,092,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

Shares of STT stock opened at $122.33 on Friday. The company has a fifty day moving average price of $126.92 and a two-hundred day moving average price of $122.69. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The stock has a market cap of $34.10 billion, a P/E ratio of 13.00, a P/E/G ratio of 1.07 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61.

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

State Street Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on STT shares. Citigroup initiated coverage on shares of State Street in a research note on Monday, February 23rd. They set a “buy” rating and a $150.00 price objective for the company. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Loop Capital set a $144.00 price target on State Street in a research report on Tuesday, January 6th. Finally, Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $135.83.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares in the company, valued at $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by company insiders.

About State Street

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.