Peapack Gladstone Financial Corp grew its stake in shares of State Street Corporation (NYSE:STT) by 3.0% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 3,483 shares of the asset manager’s stock after acquiring an additional 100 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in State Street Corporation were worth $313,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Aberdeen Asset Management PLC UK lifted its position in shares of State Street Corporation by 2.2% during the 1st quarter. Aberdeen Asset Management PLC UK now owns 88,436 shares of the asset manager’s stock worth $7,040,000 after buying an additional 1,933 shares during the last quarter. Meiji Yasuda Life Insurance Co lifted its position in shares of State Street Corporation by 32.1% during the 1st quarter. Meiji Yasuda Life Insurance Co now owns 4,650 shares of the asset manager’s stock worth $370,000 after buying an additional 1,130 shares during the last quarter. M&T Bank Corp lifted its position in shares of State Street Corporation by 4.8% during the 1st quarter. M&T Bank Corp now owns 142,436 shares of the asset manager’s stock worth $11,339,000 after buying an additional 6,543 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of State Street Corporation by 7.4% during the 1st quarter. JPMorgan Chase & Co. now owns 1,970,288 shares of the asset manager’s stock worth $156,857,000 after buying an additional 135,161 shares during the last quarter. Finally, Stifel Financial Corp lifted its position in shares of State Street Corporation by 37.9% during the 1st quarter. Stifel Financial Corp now owns 262,366 shares of the asset manager’s stock worth $20,888,000 after buying an additional 72,095 shares during the last quarter. Hedge funds and other institutional investors own 87.42% of the company’s stock.
Several analysts recently weighed in on STT shares. Zacks Investment Research downgraded State Street Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 29th. Keefe, Bruyette & Woods set a $93.00 price objective on State Street Corporation and gave the stock a “hold” rating in a research report on Monday, August 28th. Barclays PLC upped their price objective 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. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Finally, Jefferies Group LLC restated a “hold” rating and set a $100.00 price objective on shares of State Street Corporation in a research report on Friday, September 15th. One analyst has rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. State Street Corporation currently has an average rating of “Hold” and a consensus price target of $93.80.
In other State Street Corporation news, insider Hannah M. Grove sold 3,200 shares of State Street Corporation stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $92.55, for a total transaction of $296,160.00. Following the completion of the sale, the insider now owns 39,896 shares of the company’s stock, valued at $3,692,374.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,814 shares of company stock valued at $820,385. Corporate insiders own 0.71% of the company’s stock.
Shares of State Street Corporation (NYSE:STT) traded down 0.15% during trading on Friday, reaching $98.80. The company’s stock had a trading volume of 1,530,515 shares. The stock’s 50-day moving average is $94.34 and its 200-day moving average is $87.85. The stock has a market cap of $36.95 billion, a P/E ratio of 18.24 and a beta of 1.31. State Street Corporation has a 12-month low of $68.16 and a 12-month high of $99.99.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The company’s revenue was up 9.2% compared to the same quarter last year. Equities research analysts anticipate that State Street Corporation will post $6.16 earnings per share for the current fiscal year.
State Street Corporation announced that its board has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a yield of 1.70%. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is 31.11%.
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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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