Cape Cod Five Cents Savings Bank decreased its stake in shares of State Street Corporation (NYSE:STT) by 4.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,611 shares of the asset manager’s stock after selling 1,397 shares during the period. Cape Cod Five Cents Savings Bank’s holdings in State Street Corporation were worth $2,657,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the stock. Raymond James Trust N.A. acquired a new position in State Street Corporation during the first quarter valued at $257,000. Curbstone Financial Management Corp raised its position in State Street Corporation by 3.5% in the first quarter. Curbstone Financial Management Corp now owns 8,800 shares of the asset manager’s stock valued at $701,000 after buying an additional 300 shares during the period. Chevy Chase Trust Holdings Inc. raised its position in State Street Corporation by 2.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 313,412 shares of the asset manager’s stock valued at $24,951,000 after buying an additional 6,787 shares during the period. Macquarie Group Ltd. raised its position in State Street Corporation by 35.2% in the fourth quarter. Macquarie Group Ltd. now owns 398,448 shares of the asset manager’s stock valued at $30,967,000 after buying an additional 103,705 shares during the period. Finally, Highbridge Capital Management LLC acquired a new position in State Street Corporation during the fourth quarter valued at $617,000. Institutional investors own 88.62% of the company’s stock.
Shares of State Street Corporation (NYSE STT) traded down 0.45% on Friday, reaching $92.08. The company had a trading volume of 2,274,002 shares. The company’s 50-day moving average price is $91.78 and its 200-day moving average price is $83.61. State Street Corporation has a 52-week low of $68.16 and a 52-week high of $96.26. The firm has a market capitalization of $34.43 billion, a price-to-earnings ratio of 17.00 and a beta of 1.30.
State Street Corporation (NYSE:STT) last released its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion for 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 quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 EPS. On average, analysts predict that State Street Corporation will post $6.13 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a dividend of $0.42 per share. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s dividend payout ratio is 28.15%.
State Street Corporation declared that its board has approved a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.40 billion in shares. This repurchase authorization permits the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
A number of analysts have commented on STT shares. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a research note on Thursday, July 27th. Wells Fargo & Company started coverage on shares of State Street Corporation in a research note on Wednesday. They set an “outperform” rating and a $115.00 price objective for the company. Barclays PLC upped their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Buckingham Research reaffirmed a “buy” rating and set a $107.00 price objective (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Finally, Keefe, Bruyette & Woods reissued an “underweight” rating on shares of State Street Corporation in a research report on Thursday, July 13th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $90.18.
In related news, insider George E. Sullivan sold 2,718 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total transaction of $222,359.58. Following the completion of the sale, the insider now directly owns 73,090 shares in the company, valued at approximately $5,979,492.90. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Amelia C. Fawcett sold 5,000 shares of the company’s stock in a transaction on 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. Over the last three months, insiders have sold 16,069 shares of company stock worth $1,422,969. 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.
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