Gabelli Funds LLC Has $68.72 Million Position in State Street Corp (STT)
Gabelli Funds LLC decreased its position in shares of State Street Corp (NYSE:STT) by 1.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 704,050 shares of the asset manager’s stock after selling 8,250 shares during the period. Gabelli Funds LLC’s holdings in State Street were worth $68,722,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Longview Partners Guernsey LTD increased its position in shares of State Street by 6.5% in the 3rd quarter. Longview Partners Guernsey LTD now owns 8,062,726 shares of the asset manager’s stock worth $770,313,000 after purchasing an additional 493,244 shares during the last quarter. Capital International Investors increased its position in shares of State Street by 63.3% in the 3rd quarter. Capital International Investors now owns 5,771,226 shares of the asset manager’s stock worth $551,383,000 after purchasing an additional 2,237,595 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of State Street by 44.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,470,723 shares of the asset manager’s stock worth $427,133,000 after purchasing an additional 1,383,249 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of State Street by 0.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,349,477 shares of the asset manager’s stock worth $415,547,000 after purchasing an additional 13,453 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of State Street by 27.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,908,094 shares of the asset manager’s stock worth $278,625,000 after purchasing an additional 630,368 shares during the last quarter. 86.95% of the stock is currently owned by hedge funds and other institutional investors.
State Street Corp (NYSE STT) opened at $107.47 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.49. The stock has a market cap of $39,853.82, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.79 and a beta of 1.31. State Street Corp has a one year low of $75.27 and a one year high of $114.27.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Friday, December 29th. State Street’s payout ratio is 32.12%.
STT has been the subject of several research analyst reports. Citigroup reissued a “neutral” rating and issued a $102.00 target price (up previously from $88.00) on shares of State Street in a research report on Monday, October 9th. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $126.00 price target for the company in a report on Thursday, January 25th. Morgan Stanley lifted their price target on shares of State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. Finally, ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. State Street presently has a consensus rating of “Buy” and an average price target of $106.69.
In other State Street news, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.71% of the company’s stock.
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State Street Company Profile
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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