State Street Corporation (STT) Stake Lessened by Security National Bank of Sioux City Iowa IA

Security National Bank of Sioux City Iowa IA lowered its position in shares of State Street Corporation (NYSE:STT) by 0.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,859 shares of the asset manager’s stock after selling 102 shares during the period. State Street Corporation makes up approximately 1.6% of Security National Bank of Sioux City Iowa IA’s portfolio, making the stock its 15th largest position. Security National Bank of Sioux City Iowa IA’s holdings in State Street Corporation were worth $1,603,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in STT. JPMorgan Chase & Co. increased its holdings in shares of State Street Corporation by 7.4% during the 1st quarter. JPMorgan Chase & Co. now owns 1,970,288 shares of the asset manager’s stock worth $156,857,000 after buying an additional 135,161 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of State Street Corporation by 37.9% during the 1st quarter. Stifel Financial Corp now owns 262,366 shares of the asset manager’s stock worth $20,888,000 after buying an additional 72,095 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of State Street Corporation by 21.4% during the 1st quarter. Victory Capital Management Inc. now owns 19,918 shares of the asset manager’s stock worth $1,586,000 after buying an additional 3,509 shares during the last quarter. Sandy Spring Bank increased its holdings in shares of State Street Corporation by 0.4% during the 1st quarter. Sandy Spring Bank now owns 50,395 shares of the asset manager’s stock worth $4,054,000 after buying an additional 178 shares during the last quarter. Finally, Bank of Hawaii increased its holdings in shares of State Street Corporation by 0.4% during the 1st quarter. Bank of Hawaii now owns 8,415 shares of the asset manager’s stock worth $670,000 after buying an additional 30 shares during the last quarter. Institutional investors and hedge funds own 87.42% of the company’s stock.

A number of analysts have recently issued reports on the stock. Citigroup Inc. restated a “neutral” rating and set a $102.00 price target (up previously from $88.00) on shares of State Street Corporation in a report on Monday. Zacks Investment Research downgraded shares of State Street Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Jefferies Group LLC restated a “hold” rating and set a $100.00 price target on shares of State Street Corporation in a report on Friday, September 15th. Keefe, Bruyette & Woods set a $93.00 price target on shares of State Street Corporation and gave the stock a “hold” rating in a report on Monday, August 28th. Finally, Wells Fargo & Company assumed coverage on shares of State Street Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. State Street Corporation currently has a consensus rating of “Hold” and a consensus price target of $94.73.

Shares of State Street Corporation (NYSE:STT) traded up 0.46% during trading on Tuesday, reaching $98.54. 403,535 shares of the company’s stock traded hands. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $99.99. The company has a market capitalization of $36.85 billion, a price-to-earnings ratio of 18.19 and a beta of 1.31. The stock has a 50-day moving average of $94.50 and a 200-day moving average of $88.16.

State Street Corporation (NYSE:STT) last released its quarterly earnings data 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. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, equities analysts predict that State Street Corporation will post $6.18 EPS for the current fiscal year.

State Street Corporation announced that its board has initiated a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in shares. This repurchase authorization allows the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.71%. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is presently 31.11%.

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In other news, insider Andrew Erickson sold 353 shares of the 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 sale, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Insiders sold 8,814 shares of company stock valued at $820,385 in the last three months. Company insiders own 0.71% 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.

Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

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