ClariVest Asset Management LLC Raises Position in State Street Corporation (STT)

ClariVest Asset Management LLC increased its position in shares of State Street Corporation (NYSE:STT) by 79.6% during the first quarter, Holdings Channel reports. The fund owned 333,822 shares of the asset manager’s stock after buying an additional 147,932 shares during the period. ClariVest Asset Management LLC’s holdings in State Street Corporation were worth $26,576,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank of Hawaii increased its position in shares of State Street Corporation by 0.4% in the first 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. CAPROCK Group Inc. increased its position in shares of State Street Corporation by 2.3% in the first quarter. CAPROCK Group Inc. now owns 3,651 shares of the asset manager’s stock worth $291,000 after buying an additional 81 shares during the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of State Street Corporation by 0.5% in the first quarter. Diamond Hill Capital Management Inc. now owns 18,989 shares of the asset manager’s stock worth $1,512,000 after buying an additional 97 shares during the last quarter. Peapack Gladstone Financial Corp increased its position in shares of State Street Corporation by 3.7% in the first quarter. Peapack Gladstone Financial Corp now owns 3,383 shares of the asset manager’s stock worth $269,000 after buying an additional 122 shares during the last quarter. Finally, Freestone Capital Holdings LLC increased its position in shares of State Street Corporation by 1.4% in the fourth quarter. Freestone Capital Holdings LLC now owns 8,638 shares of the asset manager’s stock worth $671,000 after buying an additional 123 shares during the last quarter. 87.99% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

Shares of State Street Corporation (NYSE:STT) traded down 0.38% during mid-day trading on Tuesday, hitting $89.18. The company had a trading volume of 102,972 shares. State Street Corporation has a 12 month low of $50.60 and a 12 month high of $89.95. The firm has a market capitalization of $33.55 billion, a P/E ratio of 16.68 and a beta of 1.33. The firm has a 50-day moving average price of $83.78 and a 200 day moving average price of $80.46.

State Street Corporation (NYSE:STT) last issued its quarterly earnings data on Wednesday, April 26th. The asset manager reported $1.21 EPS for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.11. The company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.75 billion. State Street Corporation had a return on equity of 12.38% and a net margin of 20.54%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 earnings per share. On average, equities research analysts forecast that State Street Corporation will post $5.91 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 18th. Shareholders of record on Monday, July 3rd will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Thursday, June 29th. State Street Corporation’s dividend payout ratio is presently 28.46%.

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A number of brokerages have issued reports on STT. Jefferies Group LLC reissued a “hold” rating and issued a $87.00 price target on shares of State Street Corporation in a report on Monday. Citigroup Inc. boosted their price target on State Street Corporation from $82.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, April 11th. Goldman Sachs Group, Inc. (The) boosted their price target on State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a report on Monday, May 1st. Keefe, Bruyette & Woods set a $88.00 price target on State Street Corporation and gave the company a “hold” rating in a report on Wednesday, April 26th. Finally, Deutsche Bank AG cut their price objective on State Street Corporation from $81.00 to $80.00 and set a “hold” rating for the company in a research report on Monday, April 24th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $84.86.

In related news, EVP Jeffrey N. Carp sold 2,656 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total value of $233,409.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Joseph L. Hooley sold 5,666 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total value of $497,928.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,069 shares of company stock worth $1,201,189. 0.64% of the stock is currently owned by insiders.

State Street Corporation Company 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “STT”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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