Gillespie Robinson & Grimm Inc. lowered its holdings in shares of State Street Corp (NYSE:STT) by 0.3% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 287,767 shares of the asset manager’s stock after selling 924 shares during the period. State Street accounts for approximately 3.5% of Gillespie Robinson & Grimm Inc.’s holdings, making the stock its 11th largest position. Gillespie Robinson & Grimm Inc. owned about 0.08% of State Street worth $28,089,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Beach Investment Management LLC. acquired a new stake in State Street during the second quarter worth approximately $598,000. Eagle Asset Management Inc. acquired a new stake in State Street during the second quarter worth approximately $200,000. Oppenheimer & Co. Inc. lifted its position in State Street by 24.9% during the second quarter. Oppenheimer & Co. Inc. now owns 5,693 shares of the asset manager’s stock worth $511,000 after acquiring an additional 1,134 shares during the last quarter. Schroder Investment Management Group lifted its position in State Street by 73.8% during the second quarter. Schroder Investment Management Group now owns 3,128 shares of the asset manager’s stock worth $281,000 after acquiring an additional 1,328 shares during the last quarter. Finally, CIBC World Markets Inc. lifted its position in State Street by 280.5% during the second quarter. CIBC World Markets Inc. now owns 22,968 shares of the asset manager’s stock worth $2,061,000 after acquiring an additional 16,931 shares during the last quarter. Institutional investors and hedge funds own 88.13% of the company’s stock.
STT has been the subject of a number of analyst reports. Barclays lifted their price target on shares of State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Zacks Investment Research downgraded shares of State Street from a “buy” rating to a “hold” rating and set a $109.00 price target for the company. in a research report on Friday, January 5th. Vining Sparks reiterated a “buy” rating and issued a $120.00 price target on shares of State Street in a research report on Monday. Jefferies Group reiterated a “hold” rating and issued a $107.00 price target on shares of State Street in a research report on Tuesday. Finally, Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $101.13.
State Street (NYSE:STT) last posted its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.10. The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.35 earnings per share. analysts expect that State Street Corp will post 6.25 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, December 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.61%. State Street’s dividend payout ratio is 29.07%.
In related news, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction 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 document filed with the SEC, which is available at this hyperlink. Also, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were 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. In the last three months, insiders sold 28,724 shares of company stock worth $2,659,741. 0.71% of the stock is currently owned by insiders.
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State Street 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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