Thompson Investment Management Inc. Grows Holdings in State Street Corp (NYSE:STT)
Thompson Investment Management Inc. grew its holdings in State Street Corp (NYSE:STT) by 2.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 101,516 shares of the asset manager’s stock after purchasing an additional 2,295 shares during the period. State Street comprises approximately 1.2% of Thompson Investment Management Inc.’s holdings, making the stock its 26th largest holding. Thompson Investment Management Inc.’s holdings in State Street were worth $6,009,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the business. First Trust Advisors LP increased its stake in shares of State Street by 36.8% during the third quarter. First Trust Advisors LP now owns 748,259 shares of the asset manager’s stock valued at $44,289,000 after buying an additional 201,163 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of State Street by 7.0% during the third quarter. Daiwa Securities Group Inc. now owns 15,966 shares of the asset manager’s stock valued at $945,000 after buying an additional 1,050 shares during the period. SRS Capital Advisors Inc. increased its stake in shares of State Street by 12.1% during the third quarter. SRS Capital Advisors Inc. now owns 3,468 shares of the asset manager’s stock valued at $205,000 after buying an additional 375 shares during the period. Parallel Advisors LLC increased its stake in shares of State Street by 60.1% during the third quarter. Parallel Advisors LLC now owns 2,814 shares of the asset manager’s stock valued at $167,000 after buying an additional 1,056 shares during the period. Finally, Gabelli Funds LLC increased its stake in shares of State Street by 1.9% during the third quarter. Gabelli Funds LLC now owns 748,600 shares of the asset manager’s stock valued at $44,310,000 after buying an additional 14,200 shares during the period. Institutional investors and hedge funds own 92.22% of the company’s stock.
STT traded up $0.44 on Friday, hitting $73.10. The company had a trading volume of 2,340,061 shares, compared to its average volume of 2,817,832. The stock has a fifty day moving average price of $61.96 and a 200-day moving average price of $58.51. State Street Corp has a 12-month low of $48.62 and a 12-month high of $77.00. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.48 and a current ratio of 0.48. The stock has a market capitalization of $25.55 billion, a price-to-earnings ratio of 10.12, a P/E/G ratio of 1.14 and a beta of 1.52.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.85%. The ex-dividend date was Monday, September 30th. This is a positive change from State Street’s previous quarterly dividend of $0.47. State Street’s payout ratio is 28.81%.
STT has been the topic of several research reports. Bank of America raised their price target on State Street from $64.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods restated an “underperform” rating and set a $68.00 price target (up previously from $60.00) on shares of State Street in a research note on Monday, October 21st. ValuEngine upgraded State Street from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Wells Fargo & Co set a $55.00 price target on State Street and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, Deutsche Bank upgraded State Street from a “hold” rating to a “buy” rating and raised their price target for the company from $64.00 to $81.00 in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $69.02.
In other State Street news, Director Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $65.70, for a total value of $1,642,500.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Hanley Ronald P. O bought 7,000 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was bought at an average price of $50.43 per share, for a total transaction of $353,010.00. Following the purchase, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at $6,416,461.05. The disclosure for this purchase can be found here. Insiders sold 50,133 shares of company stock worth $2,942,020 in the last quarter. 0.40% of the stock is owned by insiders.
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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