BP PLC continued to hold its position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 49,000 shares of the asset manager’s stock at the end of the second quarter. BP PLC’s holdings in State Street Corporation were worth $4,397,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the stock. Advisor Partners LLC boosted its stake in State Street Corporation by 7.9% in the second quarter. Advisor Partners LLC now owns 7,155 shares of the asset manager’s stock valued at $642,000 after buying an additional 526 shares in the last quarter. TD Asset Management Inc. boosted its stake in State Street Corporation by 5.7% in the second quarter. TD Asset Management Inc. now owns 375,946 shares of the asset manager’s stock valued at $33,733,000 after buying an additional 20,432 shares in the last quarter. Beach Investment Management LLC. bought a new stake in State Street Corporation during the second quarter valued at approximately $598,000. IFP Advisors Inc boosted its stake in State Street Corporation by 8.7% in the second quarter. IFP Advisors Inc now owns 2,580 shares of the asset manager’s stock valued at $232,000 after buying an additional 207 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its stake in State Street Corporation by 0.4% in the second quarter. Stratos Wealth Partners LTD. now owns 9,117 shares of the asset manager’s stock valued at $818,000 after buying an additional 40 shares in the last quarter. 88.64% of the stock is owned by institutional investors.
Shares of State Street Corporation (STT) opened at 92.42 on Friday. The stock’s 50 day moving average is $92.42 and its 200-day moving average is $84.16. The company has a market cap of $34.56 billion, a P/E ratio of 17.06 and a beta of 1.30. State Street Corporation has a one year low of $67.55 and a one year high of $96.26.
State Street Corporation declared that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in shares. This repurchase authorization allows the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed 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. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s dividend payout ratio (DPR) is 28.15%.
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STT has been the topic of several analyst reports. UBS AG raised shares of State Street Corporation from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $86.00 to $92.00 in a research report on Monday, June 5th. Keefe, Bruyette & Woods set a $88.00 price target on shares of State Street Corporation and gave the stock a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Tuesday, July 11th. Wells Fargo & Company initiated coverage on shares of State Street Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 target price on the stock. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $87.00 target price on shares of State Street Corporation in a report on Monday, June 19th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price 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 shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the transaction, the insider now directly owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total transaction of $296,160.00. Following the completion of the transaction, the insider now directly owns 39,896 shares of the company’s stock, valued at $3,692,374.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,136 shares of company stock valued at $1,551,722. Insiders own 0.64% of the company’s stock.
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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