Sciencast Management LP bought a new position in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 5,397 shares of the asset manager’s stock, valued at approximately $484,000.
A number of other large investors have also recently added to or reduced their stakes in the stock. Raymond James Trust N.A. lifted its position in State Street Corporation by 0.5% in the 2nd quarter. Raymond James Trust N.A. now owns 3,250 shares of the asset manager’s stock worth $291,000 after buying an additional 17 shares during the last quarter. Burns J W & Co. Inc. NY lifted its position in State Street Corporation by 0.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 2,700 shares of the asset manager’s stock worth $242,000 after buying an additional 23 shares during the last quarter. Klingenstein Fields & Co. LLC lifted its position in State Street Corporation by 0.9% in the 2nd quarter. Klingenstein Fields & Co. LLC now owns 2,687 shares of the asset manager’s stock worth $241,000 after buying an additional 25 shares during the last quarter. Bank of Hawaii lifted its position in State Street Corporation by 0.4% in the 1st quarter. Bank of Hawaii now owns 8,415 shares of the asset manager’s stock worth $670,000 after buying an additional 30 shares during the last quarter. Finally, Anchor Capital Advisors LLC lifted its position in State Street Corporation by 0.3% in the 1st quarter. Anchor Capital Advisors LLC now owns 11,582 shares of the asset manager’s stock worth $922,000 after buying an additional 35 shares during the last quarter. Institutional investors own 87.42% of the company’s stock.
A number of research firms recently weighed in on STT. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $106.00 target price for the company in a research report on Tuesday, September 19th. Wells Fargo & Company began coverage on State Street Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 target price for the company. Jefferies Group LLC restated a “hold” rating and issued a $100.00 target price on shares of State Street Corporation in a research report on Friday, September 15th. Barclays PLC boosted their target price on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the stock a “hold” rating in a research report on Monday, August 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $93.80.
Shares of State Street Corporation (NYSE STT) traded down 0.15% during midday trading on Friday, reaching $98.80. The company had a trading volume of 1,530,515 shares. The stock has a market capitalization of $36.95 billion, a price-to-earnings ratio of 18.24 and a beta of 1.31. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $99.99. The firm’s 50 day moving average price is $94.34 and its 200-day moving average price is $87.85.
State Street Corporation (NYSE:STT) last issued its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. State Street Corporation’s revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. Equities research analysts expect that State Street Corporation will post $6.16 EPS for the current fiscal year.
State Street Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. The ex-dividend date is Friday, September 29th. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a yield of 1.70%. State Street Corporation’s payout ratio is 31.11%.
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In other State Street Corporation news, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction on Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the sale, the insider now directly owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,814 shares of company stock valued at $820,385. 0.71% of the stock is currently owned by corporate insiders.
About State Street Corporation
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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