Country Trust Bank reduced its position in shares of State Street Corporation (NYSE:STT) by 0.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 449,804 shares of the asset manager’s stock after selling 201 shares during the period. State Street Corporation comprises 1.9% of Country Trust Bank’s investment portfolio, making the stock its 14th largest position. Country Trust Bank owned about 0.12% of State Street Corporation worth $40,361,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of STT. Tompkins Financial Corp increased its stake in shares of State Street Corporation by 46.1% in the first quarter. Tompkins Financial Corp now owns 6,030 shares of the asset manager’s stock worth $353,000 after buying an additional 1,903 shares during the period. Atria Investments LLC increased its stake in shares of State Street Corporation by 71.6% in the first quarter. Atria Investments LLC now owns 5,092 shares of the asset manager’s stock worth $405,000 after buying an additional 2,125 shares during the period. Ipswich Investment Management Co. Inc. purchased a new stake in shares of State Street Corporation during the first quarter worth $202,000. Addenda Capital Inc. increased its stake in shares of State Street Corporation by 3.8% in the first quarter. Addenda Capital Inc. now owns 93,666 shares of the asset manager’s stock worth $7,379,000 after buying an additional 3,418 shares during the period. Finally, Gulf International Bank UK Ltd increased its stake in shares of State Street Corporation by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 122,352 shares of the asset manager’s stock worth $9,740,000 after buying an additional 1,500 shares during the period. Institutional investors and hedge funds own 88.64% of the company’s stock.
Shares of State Street Corporation (NYSE STT) traded up 0.69% during midday trading on Friday, hitting $92.42. The stock had a trading volume of 1,916,334 shares. The stock has a 50 day moving average price of $92.42 and a 200-day moving average price of $84.16. The stock has a market capitalization of $34.56 billion, a price-to-earnings ratio of 17.06 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 posted its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The firm 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%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 earnings per share. Equities research analysts anticipate that State Street Corporation will post $6.15 earnings per share for the current year.
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 issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 29th. 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 yield of 1.82%. State Street Corporation’s payout ratio is currently 28.15%.
State Street Corporation announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a report on Thursday, July 27th. Wells Fargo & Company began coverage on State Street Corporation in a research report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price objective for the company. Barclays PLC boosted their price objective on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, July 27th. 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. Finally, Keefe, Bruyette & Woods reiterated an “underweight” rating on shares of State Street Corporation in a research report on Thursday, July 13th. Three investment 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 company. State Street Corporation currently has a consensus rating of “Hold” and an average target price of $90.18.
In other State Street Corporation news, Chairman Joseph L. Hooley sold 5,666 shares of State Street Corporation 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction dated Friday, July 28th. The shares were 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 quarter, insiders have sold 17,136 shares of company stock worth $1,551,722. Corporate 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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