The Manufacturers Life Insurance Company cut its stake in shares of State Street Corporation (NYSE:STT) by 7.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 393,478 shares of the asset manager’s stock after selling 32,099 shares during the period. The Manufacturers Life Insurance Company owned about 0.11% of State Street Corporation worth $35,307,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in State Street Corporation by 1.9% in the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after purchasing an additional 448,658 shares during the period. BlackRock Inc. increased its holdings in 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 purchasing an additional 19,729,678 shares during the period. FMR LLC increased its holdings in State Street Corporation by 10.8% in the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after purchasing an additional 1,940,536 shares during the period. Longview Partners Guernsey LTD increased its holdings in State Street Corporation by 76.9% in the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock valued at $679,210,000 after purchasing an additional 3,290,082 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in State Street Corporation by 9.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock valued at $418,948,000 after purchasing an additional 432,832 shares during the period. Institutional investors own 87.42% of the company’s stock.
Shares of State Street Corporation (NYSE:STT) traded up 0.72% during mid-day trading on Friday, reaching $99.34. 151,818 shares of the company’s stock were exchanged. The stock has a market cap of $37.15 billion, a PE ratio of 18.34 and a beta of 1.31. The company has a 50 day moving average price of $95.01 and a 200-day moving average price of $88.47. State Street Corporation has a one year low of $68.54 and a one year high of $99.99.
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, beating analysts’ consensus estimates of $1.57 by $0.10. The firm had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.46 earnings per share. On average, analysts predict that State Street Corporation will post $6.18 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a dividend of $0.42 per share. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.70%. State Street Corporation’s payout ratio is presently 31.11%.
State Street Corporation announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in outstanding shares. This buyback authorization authorizes the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
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In other news, 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 transaction of $466,900.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of State Street Corporation stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $92.55, for a total transaction of $296,160.00. Following the sale, the insider now directly owns 39,896 shares in the company, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. Insiders have sold a total of 8,814 shares of company stock worth $820,385 in the last ninety days. Insiders own 0.71% of the company’s stock.
A number of analysts recently weighed in on the company. Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and increased their price objective for the company from $92.00 to $100.00 in a report on Wednesday, June 28th. Wells Fargo & Company assumed coverage on State Street Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 price objective for the company. Barclays PLC increased their price objective on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a report on Wednesday, August 30th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $100.00 price objective on shares of State Street Corporation in a report on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. State Street Corporation currently has a consensus rating of “Hold” and a consensus price target of $95.07.
State Street Corporation 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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