474,741 Shares in State Street Corporation (NYSE:STT) Acquired by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY acquired a new position in shares of State Street Corporation (NYSE:STTFree Report) during the first quarter, HoldingsChannel.com reports. The fund acquired 474,741 shares of the asset manager’s stock, valued at approximately $42,504,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Invesco Ltd. raised its stake in shares of State Street by 5.7% during the fourth quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager’s stock valued at $737,162,000 after purchasing an additional 406,396 shares during the period. Geode Capital Management LLC boosted its stake in shares of State Street by 0.3% in the fourth 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 during the period. FMR LLC boosted its stake in shares of State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares during the period. Amundi grew its holdings in State Street by 11.1% during the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock valued at $547,636,000 after purchasing an additional 561,773 shares in the last quarter. Finally, Northern Trust Corp increased its stake in State Street by 15.7% during the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock worth $407,166,000 after buying an additional 563,790 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STT. Cfra Research cut shares of State Street from a “moderate buy” rating to a “hold” rating in a research report on Thursday, May 29th. Barclays reduced their price target on State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a report on Monday, April 21st. 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. Keefe, Bruyette & Woods reduced their target price on State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Finally, Wall Street Zen downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $102.85.

Check Out Our Latest Stock Report on STT

Insider Buying and Selling at State Street

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. The trade was a 15.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

State Street Trading Up 0.5%

State Street stock opened at $107.44 on Wednesday. State Street Corporation has a 52 week low of $72.65 and a 52 week high of $107.81. The firm has a market capitalization of $30.64 billion, a PE ratio of 12.08, a PEG ratio of 1.24 and a beta of 1.45. The business’s 50-day simple moving average is $96.38 and its 200-day simple moving average is $94.29. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STTGet Free Report) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.30 billion. During the same period in the previous year, the business posted $1.69 earnings per share. Equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street’s payout ratio is 34.12%.

State Street Profile

(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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Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STTFree Report).

Institutional Ownership by Quarter for State Street (NYSE:STT)

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