McGuire Investment Group LLC Purchases 4,913 Shares of State Street Corp (STT)
McGuire Investment Group LLC increased its position in shares of State Street Corp (NYSE:STT) by 22.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,141 shares of the asset manager’s stock after buying an additional 4,913 shares during the quarter. McGuire Investment Group LLC’s holdings in State Street were worth $1,786,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in STT. Bank of New York Mellon Corp grew its position in State Street by 7.6% during the third quarter. Bank of New York Mellon Corp now owns 4,508,076 shares of the asset manager’s stock worth $377,686,000 after buying an additional 320,185 shares in the last quarter. Standard Life Aberdeen plc grew its position in State Street by 8.9% during the third quarter. Standard Life Aberdeen plc now owns 129,007 shares of the asset manager’s stock worth $10,810,000 after buying an additional 10,495 shares in the last quarter. LPL Financial LLC grew its position in State Street by 17.3% during the third quarter. LPL Financial LLC now owns 43,753 shares of the asset manager’s stock worth $3,666,000 after buying an additional 6,455 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in State Street during the third quarter worth about $114,000. Finally, Kentucky Retirement Systems acquired a new stake in State Street during the third quarter valued at approximately $2,660,000. 88.30% of the stock is currently owned by institutional investors and hedge funds.
STT has been the topic of a number of recent research reports. Raymond James raised State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 price objective on the stock in a report on Monday, January 14th. Zacks Investment Research reaffirmed a “hold” rating on shares of State Street in a report on Monday, December 31st. Wells Fargo & Co downgraded State Street from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 22nd. Evercore ISI raised State Street from an “in-line” rating to an “outperform” rating and set a $64.99 price objective on the stock in a report on Tuesday, January 8th. Finally, Goldman Sachs Group downgraded State Street from a “buy” rating to a “neutral” rating and set a $71.30 price objective on the stock. in a report on Tuesday, January 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $84.78.
State Street (NYSE:STT) last issued its earnings results on Tuesday, April 23rd. The asset manager reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05. The company had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.92 billion. State Street had a net margin of 20.05% and a return on equity of 14.44%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 EPS. As a group, research analysts forecast that State Street Corp will post 6.73 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Friday, March 29th. State Street’s payout ratio is 26.04%.
In other news, Director Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $70.63, for a total value of $1,765,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew P. Kuritzkes sold 7,689 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $69.97, for a total transaction of $537,999.33. Following the completion of the transaction, the executive vice president now directly owns 25,978 shares of the company’s stock, valued at approximately $1,817,680.66. The disclosure for this sale can be found here. Insiders have sold a total of 74,389 shares of company stock valued at $5,300,338 in the last quarter. Corporate insiders own 0.40% of the company’s stock.
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About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; 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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