Advisors Capital Management LLC increased its position in State Street Corporation (NYSE:STT) by 4.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 22,068 shares of the asset manager’s stock after buying an additional 867 shares during the period. Advisors Capital Management LLC’s holdings in State Street Corporation were worth $1,980,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Raymond James Trust N.A. acquired a new position in shares of State Street Corporation during the first quarter worth $257,000. Curbstone Financial Management Corp raised its position in shares of State Street Corporation by 3.5% in the first quarter. Curbstone Financial Management Corp now owns 8,800 shares of the asset manager’s stock worth $701,000 after buying an additional 300 shares in the last quarter. Chevy Chase Trust Holdings Inc. raised its position in shares of State Street Corporation by 2.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 313,412 shares of the asset manager’s stock worth $24,951,000 after buying an additional 6,787 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of State Street Corporation by 35.2% in the fourth quarter. Macquarie Group Ltd. now owns 398,448 shares of the asset manager’s stock worth $30,967,000 after buying an additional 103,705 shares in the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in shares of State Street Corporation during the fourth quarter worth $617,000. 87.74% of the stock is currently owned by institutional investors and hedge funds.
State Street Corporation (STT) traded up 1.42% during midday trading on Friday, reaching $95.10. The company’s stock had a trading volume of 2,329,385 shares. The company’s 50-day moving average is $90.65 and its 200 day moving average is $82.85. State Street Corporation has a 12-month low of $65.31 and a 12-month high of $96.26. The firm has a market cap of $35.58 billion, a price-to-earnings ratio of 17.56 and a beta of 1.30.
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, beating 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 previous year, the company earned $1.46 earnings per share. State Street Corporation’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities analysts forecast that State Street Corporation will post $6.15 earnings per share for the current year.
State Street Corporation announced that its Board of Directors has approved 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 repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
The business 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 $0.42 dividend. The ex-dividend date is Friday, September 29th. This is a boost 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 1.77%. State Street Corporation’s payout ratio is 28.15%.
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A number of brokerages have weighed in on STT. Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and upped their target price for the stock from $92.00 to $100.00 in a research note on Wednesday, June 28th. Deutsche Bank AG decreased their target price on State Street Corporation from $81.00 to $80.00 and set a “hold” rating on the stock in a research note on Monday, April 24th. 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 research report on Thursday, July 27th. Citigroup Inc. increased their price objective on State Street Corporation from $82.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, April 11th. Finally, Keefe, Bruyette & Woods set a $88.00 price objective on State Street Corporation and gave the company a “hold” rating in a research report on Wednesday, April 26th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $88.63.
In other 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 sale, the insider now directly owns 73,090 shares of the company’s stock, valued at $5,979,492.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 three months, insiders sold 16,069 shares of company stock valued at $1,422,969. 0.64% of the stock is owned by corporate insiders.
State Street Corporation Company 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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