Harvest Fund Management Co. Ltd raised its stake in shares of State Street Co. (NYSE:STT - Free Report) by 512.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,695 shares of the asset manager's stock after acquiring an additional 9,787 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in State Street were worth $1,148,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Flagship Harbor Advisors LLC bought a new position in State Street during the 4th quarter valued at about $272,000. Charles Schwab Investment Management Inc. raised its stake in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock valued at $184,025,000 after acquiring an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of State Street by 11.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after acquiring an additional 7,446 shares in the last quarter. Merit Financial Group LLC bought a new stake in State Street during the 4th quarter worth approximately $395,000. Finally, Raymond James Financial Inc. acquired a new stake in State Street during the 4th quarter valued at $44,070,000. Institutional investors and hedge funds own 87.44% of the company's stock.
Several analysts have recently commented on STT shares. Barclays increased their target price on State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Keefe, Bruyette & Woods raised shares of State Street from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Wells Fargo & Company increased their price target on shares of State Street from $108.00 to $118.00 and gave the company an "overweight" rating in a research note on Thursday, January 2nd. Finally, StockNews.com cut shares of State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $101.20.
View Our Latest Report on State Street
In other State Street news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated 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 transaction, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ann Fogarty sold 3,705 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now directly owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.
NYSE STT opened at $90.33 on Thursday. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00. The stock has a 50-day simple moving average of $96.14 and a 200 day simple moving average of $94.16. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $26.06 billion, a PE ratio of 10.96, a P/E/G ratio of 1.11 and a beta of 1.44.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.41 billion during the quarter, compared to analysts' expectations of $3.27 billion. During the same period in the prior year, the business posted $2.04 EPS. State Street's revenue was up 12.1% on a year-over-year basis. Research analysts forecast that State Street Co. will post 9.68 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.37%. State Street's dividend payout ratio (DPR) is presently 36.89%.
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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