Meeder Asset Management Inc. decreased its position in State Street Corporation (NYSE:STT) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,595 shares of the asset manager’s stock after selling 12 shares during the period. Meeder Asset Management Inc.’s holdings in State Street Corporation were worth $323,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. BlackRock Inc. boosted its position in shares of 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 worth $1,640,284,000 after buying an additional 19,729,678 shares in the last quarter. FMR LLC boosted its position in shares of State Street Corporation by 3.5% in the first quarter. FMR LLC now owns 18,048,219 shares of the asset manager’s stock worth $1,436,818,000 after buying an additional 607,920 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of 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 worth $418,948,000 after buying an additional 432,832 shares in the last quarter. Finally, Boston Partners boosted its position in State Street Corporation by 48.7% in the first quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock valued at $385,723,000 after buying an additional 1,587,871 shares during the period. 87.74% of the stock is owned by institutional investors and hedge funds.
Shares of State Street Corporation (NYSE:STT) traded up 0.66% on Wednesday, reaching $94.22. 1,969,928 shares of the company were exchanged. The stock’s 50-day moving average is $90.65 and its 200 day moving average is $82.85. The firm has a market capitalization of $35.25 billion, a PE ratio of 17.40 and a beta of 1.30. State Street Corporation has a 12-month low of $65.31 and a 12-month high of $96.26.
State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the prior year, the company earned $1.46 EPS. The firm’s revenue was up 9.2% on a year-over-year basis. On average, analysts forecast that State Street Corporation will post $6.12 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.78%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. State Street Corporation’s dividend payout ratio is 28.15%.
State Street Corporation announced that its Board of Directors 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 reacquire up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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Several research firms have recently weighed in on STT. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price target on the stock in a research report on Thursday, July 27th. Barclays PLC upped their price target on shares of State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Buckingham Research reaffirmed a “buy” rating and set a $107.00 price target (up from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Keefe, Bruyette & Woods reissued an “underweight” rating on shares of State Street Corporation in a research report on Thursday, July 13th. Finally, BidaskClub raised shares of State Street Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 22nd. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $88.63.
In other State Street Corporation news, insider George E. Sullivan sold 2,718 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $81.81, for a total value of $222,359.58. Following the completion of the transaction, the insider now directly owns 73,090 shares of the company’s stock, valued at approximately $5,979,492.90. 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 the company’s 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,069 shares of company stock valued at $1,422,969. 0.64% of the stock is owned by corporate insiders.
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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