Trust Co decreased its stake in State Street Corporation (NYSE:STT) by 7.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,973 shares of the asset manager’s stock after selling 881 shares during the period. Trust Co’s holdings in State Street Corporation were worth $873,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in STT. Pinnacle Bank purchased a new position in shares of State Street Corporation during the first quarter worth approximately $129,000. Vanguard Group Inc. increased its position in shares of 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 in the last quarter. Ledyard National Bank increased its position in shares of State Street Corporation by 72.0% in the first quarter. Ledyard National Bank now owns 3,368 shares of the asset manager’s stock worth $268,000 after buying an additional 1,410 shares in 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 in the last quarter. Finally, State of Wisconsin Investment Board increased its position in shares of State Street Corporation by 4.2% in the first quarter. State of Wisconsin Investment Board now owns 452,712 shares of the asset manager’s stock worth $36,040,000 after buying an additional 18,391 shares in the last quarter. Hedge funds and other institutional investors own 88.62% of the company’s stock.
State Street Corporation (NYSE:STT) traded down 0.45% on Friday, reaching $92.08. The company had a trading volume of 2,224,522 shares. The company’s 50-day moving average is $91.69 and its 200-day moving average is $83.51. State Street Corporation has a 52-week low of $67.55 and a 52-week high of $96.26. The company has a market capitalization of $34.43 billion, a PE ratio of 17.00 and a beta of 1.30.
State Street Corporation (NYSE:STT) last posted its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating 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 company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period last year, the company earned $1.46 earnings per share. The business’s revenue was up 9.2% compared to the same quarter last year. Equities analysts anticipate that State Street Corporation will post $6.13 EPS for the current fiscal year.
State Street Corporation declared that its board has initiated a share 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 reacquire 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 stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a $0.42 dividend. This is an increase 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 (DPR) is currently 28.15%.
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A number of equities research analysts have recently weighed in on STT shares. Buckingham Research reiterated a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Goldman Sachs Group, Inc. (The) upped their target price on State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, May 1st. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. UBS AG upgraded State Street Corporation from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $86.00 to $92.00 in a research report on Monday, June 5th. Finally, Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $90.18.
In related news, 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 transaction of $466,900.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider George E. Sullivan sold 2,718 shares of State Street Corporation stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total value of $222,359.58. Following the sale, the insider now directly owns 73,090 shares in the company, valued at $5,979,492.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,069 shares of company stock worth $1,422,969. 0.64% of the stock is currently owned by company 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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