Westpac Banking Corp Has $5.32 Million Holdings in State Street Co. (NYSE:STT)

Westpac Banking Corp boosted its holdings in State Street Co. (NYSE:STT) by 2.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 54,173 shares of the asset manager’s stock after acquiring an additional 1,165 shares during the quarter. Westpac Banking Corp’s holdings in State Street were worth $5,317,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in STT. Geode Capital Management LLC lifted its holdings in shares of State Street by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after purchasing an additional 24,617 shares in the last quarter. Amundi raised its position in State Street by 11.1% in the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock valued at $547,636,000 after buying an additional 561,773 shares during the last quarter. Franklin Resources Inc. lifted its stake in State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager’s stock valued at $335,884,000 after acquiring an additional 55,598 shares in the last quarter. Nordea Investment Management AB boosted its holdings in State Street by 21.2% during the 4th quarter. Nordea Investment Management AB now owns 2,180,504 shares of the asset manager’s stock worth $214,998,000 after acquiring an additional 381,260 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in State Street by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after acquiring an additional 10,404 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on STT shares. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Bank of America upped their price objective on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research note on Friday, December 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $102.07.

State Street Price Performance

NYSE STT opened at $89.67 on Thursday. The company has a market cap of $25.87 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm’s 50-day simple moving average is $94.85 and its two-hundred day simple moving average is $94.62. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same period last year, the firm earned $2.04 EPS. State Street’s revenue for the quarter was up 12.1% on a year-over-year basis. Research analysts predict that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently declared 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 3.39%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 36.89%.

Insider Activity at State Street

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

State Street 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.