Magnetar Financial LLC Grows Stock Holdings in State Street Co. (NYSE:STT)

Magnetar Financial LLC boosted its position in State Street Co. (NYSE:STT) by 77.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 4,167 shares of the asset manager’s stock after acquiring an additional 1,813 shares during the period. Magnetar Financial LLC’s holdings in State Street were worth $409,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Teacher Retirement System of Texas grew its stake in State Street by 102.3% in the 4th quarter. Teacher Retirement System of Texas now owns 428,383 shares of the asset manager’s stock worth $42,046,000 after acquiring an additional 216,583 shares during the period. Royal London Asset Management Ltd. grew its stake in State Street by 0.9% in the 4th quarter. Royal London Asset Management Ltd. now owns 125,596 shares of the asset manager’s stock worth $12,327,000 after acquiring an additional 1,106 shares during the period. Harvest Fund Management Co. Ltd grew its stake in State Street by 512.9% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 11,695 shares of the asset manager’s stock worth $1,148,000 after acquiring an additional 9,787 shares during the period. Vinva Investment Management Ltd grew its stake in State Street by 98.2% in the 4th quarter. Vinva Investment Management Ltd now owns 229,990 shares of the asset manager’s stock worth $22,603,000 after acquiring an additional 113,955 shares during the period. Finally, Generali Asset Management SPA SGR purchased a new stake in State Street in the 4th quarter worth approximately $99,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on STT. Barclays lifted their price target on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Wells Fargo & Company lifted their price target on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Finally, Morgan Stanley decreased their price target on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price of $101.20.

Insider Transactions at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $90.63 on Friday. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $26.14 billion, a P/E ratio of 11.00, a P/E/G ratio of 1.11 and a beta of 1.44. The company’s fifty day moving average price is $95.93 and its two-hundred day moving average price is $94.22.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the previous year, the business posted $2.04 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year. On average, research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Tuesday, April 1st. State Street’s payout ratio is currently 36.89%.

State Street Company Profile

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.