Davis Selected Advisers Has $47.56 Million Position in State Street Corporation (STT)
Davis Selected Advisers increased its holdings in State Street Corporation (NYSE:STT) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 497,827 shares of the asset manager’s stock after acquiring an additional 4,310 shares during the period. Davis Selected Advisers owned about 0.13% of State Street worth $47,562,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of STT. IFP Advisors Inc raised its holdings in shares of State Street by 8.7% in the 2nd quarter. IFP Advisors Inc now owns 2,580 shares of the asset manager’s stock worth $232,000 after acquiring an additional 207 shares during the last quarter. Beach Investment Management LLC. acquired a new stake in shares of State Street in the 2nd quarter worth about $598,000. Global X Management Co. LLC raised its holdings in shares of State Street by 52.1% in the 2nd quarter. Global X Management Co. LLC now owns 3,818 shares of the asset manager’s stock worth $343,000 after acquiring an additional 1,307 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of State Street by 2.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,178,098 shares of the asset manager’s stock worth $105,711,000 after acquiring an additional 28,434 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of State Street by 32.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 52,201 shares of the asset manager’s stock worth $4,802,000 after acquiring an additional 12,929 shares during the last quarter. Institutional investors own 88.10% of the company’s stock.
In related news, insider Hannah M. Grove sold 3,200 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total value of $296,448.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total transaction of $32,568.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,724 shares of company stock valued at $2,659,741. 0.71% of the stock is owned by insiders.
State Street Corporation (NYSE:STT) traded up $1.00 during trading on Thursday, hitting $99.18. 2,783,600 shares of the stock were exchanged, compared to its average volume of 1,961,527. State Street Corporation has a 1 year low of $74.45 and a 1 year high of $100.90. The company has a market cap of $36,408.75, a P/E ratio of 16.17, a P/E/G ratio of 1.67 and a beta of 1.35. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61.
State Street (NYSE:STT) last released its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.10. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.35 EPS. research analysts expect that State Street Corporation will post 6.25 earnings per share for the current fiscal year.
A number of equities research analysts have issued reports on STT shares. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research report on Tuesday. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Morgan Stanley upped their price objective on shares of State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. Finally, Royal Bank of Canada reduced their price objective on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $97.60.
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About State Street
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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