Gabelli Funds LLC Sells 17,105 Shares of State Street Corporation $STT

Gabelli Funds LLC trimmed its position in State Street Corporation (NYSE:STT) by 3.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 421,233 shares of the asset manager’s stock after selling 17,105 shares during the quarter. Gabelli Funds LLC’s holdings in State Street were worth $54,343,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of STT. Brighton Jones LLC bought a new stake in shares of State Street in the fourth quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after purchasing an additional 918 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after purchasing an additional 5,226 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP lifted its holdings in shares of State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after purchasing an additional 6,767 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on STT shares. The Goldman Sachs Group lifted their target price on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Keefe, Bruyette & Woods lifted their target price on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Citigroup lifted their target price on State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Evercore set a $158.00 target price on State Street and gave the company an “outperform” rating in a research report on Monday, April 20th. Finally, Royal Bank Of Canada lifted their target price on State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $155.77.

State Street Price Performance

NYSE:STT opened at $152.89 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The stock’s 50-day simple moving average is $136.77 and its 200 day simple moving average is $129.65. The company has a market cap of $42.32 billion, a P/E ratio of 15.51, a P/E/G ratio of 0.84 and a beta of 1.45. State Street Corporation has a 52-week low of $94.19 and a 52-week high of $156.18.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.04 earnings per share. As a group, sell-side analysts forecast that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street’s payout ratio is 34.08%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 28,711 shares of company stock valued at $3,933,032 over the last 90 days. 0.27% of the stock is currently owned by insiders.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.