Culbertson A N & Co. Inc. reduced its position in shares of State Street Corporation (NYSE:STT) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,451 shares of the asset manager’s stock after selling 355 shares during the period. Culbertson A N & Co. Inc.’s holdings in State Street Corporation were worth $3,091,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue purchased a new stake in shares of State Street Corporation during the first quarter worth approximately $123,000. FTB Advisors Inc. increased its stake in shares of State Street Corporation by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock worth $127,000 after buying an additional 207 shares in the last quarter. Pinnacle Bank purchased a new stake in shares of State Street Corporation during the first quarter worth approximately $129,000. NEXT Financial Group Inc increased its stake in shares of State Street Corporation by 5.5% in the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock worth $130,000 after buying an additional 75 shares in the last quarter. Finally, Salem Investment Counselors Inc. increased its stake in shares of State Street Corporation by 2,677.8% in the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock worth $131,000 after buying an additional 964 shares in the last quarter. 87.97% of the stock is currently owned by institutional investors.
Shares of State Street Corporation (NYSE:STT) traded down 0.15% during mid-day trading on Friday, reaching $90.73. 151,569 shares of the company were exchanged. State Street Corporation has a 12 month low of $57.30 and a 12 month high of $92.84. The company’s 50-day moving average is $88.76 and its 200 day moving average is $82.20. The firm has a market capitalization of $34.14 billion, a price-to-earnings ratio of 16.97 and a beta of 1.30.
State Street Corporation (NYSE:STT) last released its quarterly earnings data on Wednesday, April 26th. The asset manager reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. The firm had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.75 billion. State Street Corporation had a net margin of 20.54% and a return on equity of 12.38%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.98 earnings per share. Analysts predict that State Street Corporation will post $5.94 EPS for the current year.
State Street Corporation declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.40 billion in shares. This buyback authorization permits the asset manager to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders 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. This represents a $1.68 annualized dividend and a dividend yield of 1.85%. State Street Corporation’s payout ratio is 28.46%.
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A number of brokerages have commented on STT. Goldman Sachs Group, Inc. (The) raised shares of 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 research report on Wednesday, June 28th. Deutsche Bank AG dropped their price objective on shares of State Street Corporation from $81.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 24th. Citigroup Inc. increased their price objective on shares of State Street Corporation from $82.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, April 11th. Keefe, Bruyette & Woods set a $88.00 price objective on shares of State Street Corporation and gave the company a “hold” rating in a research report on Wednesday, April 26th. Finally, UBS AG raised shares of State Street Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the company from $86.00 to $92.00 in a research report on Monday, June 5th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $87.75.
In other news, insider Andrew Erickson sold 2,000 shares of the business’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $83.28, for a total transaction of $166,560.00. Following the completion of the transaction, the insider now owns 21,523 shares of the company’s stock, valued at $1,792,435.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider George E. Sullivan sold 2,718 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $81.81, for a total transaction of $222,359.58. Following the transaction, the insider now directly owns 73,090 shares of the company’s stock, valued at approximately $5,979,492.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,069 shares of company stock valued at $1,122,629. Corporate 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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