Gabelli Funds LLC Cuts Stock Position in State Street Co. (NYSE:STT)

by · The Markets Daily

Gabelli Funds LLC reduced its stake in State Street Co. (NYSE:STT – Free Report) by 1.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 484,948 shares of the asset manager’s stock after selling 7,432 shares during the period. Gabelli Funds LLC owned approximately 0.17% of State Street worth $47,598,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. grew its position in State Street by 5.7% during the 4th quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager’s stock worth $737,162,000 after purchasing an additional 406,396 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of State Street by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after purchasing an additional 24,617 shares in the last quarter. FMR LLC grew its holdings in shares of State Street by 14.2% in the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock worth $685,441,000 after acquiring an additional 870,849 shares during the period. Amundi increased its position in shares of State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock valued at $547,636,000 after buying an additional 561,773 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager’s stock valued at $335,884,000 after purchasing an additional 55,598 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Up 2.0 %

Shares of NYSE STT opened at $80.97 on Tuesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $23.37 billion, a P/E ratio of 9.83, a PEG ratio of 1.11 and a beta of 1.42. The firm’s 50 day simple moving average is $90.67 and its two-hundred day simple moving average is $93.98. State Street Co. has a one year low of $70.20 and a one year high of $103.00.

State Street (NYSE:STT – Get Free Report) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. State Street’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business posted $2.04 earnings per share. As a group, analysts expect that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a dividend of $0.76 per share. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.75%. State Street’s dividend payout ratio (DPR) is presently 36.89%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on STT. Bank of America lifted their price target on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a report on Wednesday, April 2nd. Wells Fargo & Company dropped their price objective on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research report on Friday, December 20th. Citigroup decreased their target price on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average target price of $102.43.

Get Our Latest Report on State Street

Insider Activity

In related news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

About State Street

(Free Report)

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; 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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