Wetherby Asset Management Inc. boosted its position in shares of State Street Corporation (NYSE:STT) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 11,701 shares of the asset manager’s stock after buying an additional 25 shares during the period. Wetherby Asset Management Inc.’s holdings in State Street Corporation were worth $1,050,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock worth $1,640,284,000 after buying an additional 19,729,678 shares during the last quarter. Longview Partners Guernsey LTD purchased a new position in State Street Corporation during the first quarter worth about $340,683,000. Boston Partners boosted its position in State Street Corporation by 48.7% in the first quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock worth $385,723,000 after buying an additional 1,587,871 shares during the last quarter. Vanguard Group Inc. boosted its position in State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after buying an additional 1,180,527 shares during the last quarter. Finally, Thrivent Financial For Lutherans boosted its position in State Street Corporation by 6,361.2% in the first quarter. Thrivent Financial For Lutherans now owns 819,920 shares of the asset manager’s stock worth $65,274,000 after buying an additional 807,230 shares during the last quarter. Hedge funds and other institutional investors own 88.62% of the company’s stock.
Shares of State Street Corporation (NYSE:STT) opened at 94.28 on Thursday. The company has a market cap of $35.27 billion, a price-to-earnings ratio of 17.41 and a beta of 1.30. State Street Corporation has a 1-year low of $67.55 and a 1-year high of $96.26. The company’s 50-day moving average is $91.60 and its 200 day moving average is $83.44.
State Street Corporation (NYSE:STT) last posted its earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.46 EPS. Equities analysts anticipate that State Street Corporation will post $6.13 EPS for the current year.
State Street Corporation declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization permits the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The firm 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. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.78%. State Street Corporation’s dividend payout ratio (DPR) is 28.15%.
STT has been the topic of a number of analyst reports. Bank of America Corporation restated a “neutral” rating and issued a $88.00 price objective on shares of State Street Corporation in a research report on Friday, May 26th. Goldman Sachs Group, Inc. (The) boosted their price target on shares of State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, May 1st. Deutsche Bank AG reduced their price target on shares of State Street Corporation from $81.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 24th. Keefe, Bruyette & Woods set a $88.00 price target on shares of State Street Corporation and gave the company a “hold” rating in a research report on Wednesday, April 26th. Finally, Buckingham Research reiterated a “buy” rating and set a $107.00 price target (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. State Street Corporation has a consensus rating of “Hold” and an average target price of $88.63.
In other news, EVP Jeffrey N. Carp sold 2,656 shares of State Street Corporation stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $233,409.28. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 16,069 shares of company stock worth $1,422,969 in the last three months. Insiders own 0.64% of the company’s stock.
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.
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