BNP Paribas Arbitrage SA boosted its stake in State Street Corporation (NYSE:STT) by 60.3% during the second quarter, Holdings Channel reports. The fund owned 413,045 shares of the asset manager’s stock after buying an additional 155,386 shares during the period. BNP Paribas Arbitrage SA’s holdings in State Street Corporation were worth $37,063,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of 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 valued at $1,640,284,000 after buying an additional 19,729,678 shares in the last quarter. Longview Partners Guernsey LTD bought a new stake in shares of State Street Corporation during the first quarter valued at approximately $340,683,000. Boston Partners raised its stake in shares of State Street Corporation by 48.7% in the first quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock valued at $385,723,000 after buying an additional 1,587,871 shares in the last quarter. Vanguard Group Inc. raised its stake 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 valued at $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in shares of 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 valued at $65,274,000 after buying an additional 807,230 shares in the last quarter. 88.64% of the stock is currently owned by institutional investors.
Shares of State Street Corporation (STT) opened at 91.79 on Friday. The stock’s 50 day moving average price is $92.34 and its 200-day moving average price is $84.04. The company has a market cap of $34.33 billion, a P/E ratio of 16.95 and a beta of 1.30. State Street Corporation has a 52-week low of $67.55 and a 52-week high of $96.26.
State Street Corporation (NYSE:STT) last released its quarterly earnings data 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 the consensus estimate of $2.86 billion. During the same quarter last year, the business posted $1.46 EPS. State Street Corporation’s revenue for the quarter was up 9.2% on a year-over-year basis. Equities analysts expect that State Street Corporation will post $6.15 EPS for the current year.
State Street Corporation announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to buyback $1.40 billion in outstanding shares. This buyback authorization permits the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued 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 of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.83%. State Street Corporation’s dividend payout ratio (DPR) is 28.15%.
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STT has been the topic of several recent analyst reports. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Tuesday, July 11th. Buckingham Research reaffirmed a “buy” rating and issued a $107.00 price target (up previously from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Bank of America Corporation reaffirmed a “neutral” rating and issued a $88.00 price target on shares of State Street Corporation in a research note on Friday, May 26th. Finally, Keefe, Bruyette & Woods set a $88.00 price target on State Street Corporation and gave the company a “hold” rating in a research note on Saturday, July 1st. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. State Street Corporation has an average rating of “Hold” and a consensus price target of $90.18.
In related news, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the sale, the insider now owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Joseph L. Hooley sold 5,666 shares of the firm’s stock in a transaction on Tuesday, June 13th. The shares were 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 three months, insiders have sold 17,136 shares of company stock worth $1,551,722. 0.64% of the stock is currently owned by company 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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