Hills Bank & Trust Co. reduced its position in shares of State Street Corporation (NYSE:STT) by 3.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,169 shares of the asset manager’s stock after selling 465 shares during the period. Hills Bank & Trust Co.’s holdings in State Street Corporation were worth $1,361,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Bank purchased a new position in State Street Corporation during the first quarter worth approximately $129,000. 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 during the last quarter. Ledyard National Bank boosted its position in shares of State Street Corporation by 72.0% in the first quarter. Ledyard National Bank now owns 3,368 shares of the asset manager’s stock worth $268,000 after buying an additional 1,410 shares during the last quarter. CAPROCK Group Inc. boosted its position in shares of State Street Corporation by 2.3% in the first quarter. CAPROCK Group Inc. now owns 3,651 shares of the asset manager’s stock worth $291,000 after buying an additional 81 shares during the last quarter. Finally, State of Wisconsin Investment Board boosted its position in shares of State Street Corporation by 4.2% in the first quarter. State of Wisconsin Investment Board now owns 452,712 shares of the asset manager’s stock worth $36,040,000 after buying an additional 18,391 shares during the last quarter. Institutional investors own 87.74% of the company’s stock.
Shares of State Street Corporation (STT) opened at 95.10 on Monday. The firm’s 50-day moving average price is $90.65 and its 200 day moving average price is $82.85. State Street Corporation has a 52 week low of $66.44 and a 52 week high of $96.26. The company has a market capitalization of $35.58 billion, a PE ratio of 17.56 and a beta of 1.30.
State Street Corporation (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. State Street Corporation’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.46 earnings per share. Equities analysts predict that State Street Corporation will post $6.15 EPS for the current year.
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 is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.77%. 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 28.15%.
State Street Corporation announced that its board has authorized a share buyback plan on Wednesday, June 28th that permits the company to buyback $1.40 billion in shares. This buyback authorization permits the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
WARNING: “Hills Bank & Trust Co. Sells 465 Shares of State Street Corporation (STT)” was first posted by StockNewsTimes and is owned by of StockNewsTimes. If you are accessing this piece on another site, it was copied illegally and republished in violation of US and international copyright and trademark laws. The legal version of this piece can be accessed at https://stocknewstimes.com/2017/08/07/state-street-corporation-stt-stake-reduced-by-hills-bank-trust-co-updated-updated.html.
A number of analysts have commented on the company. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price for the company in a report on Thursday, July 27th. Barclays PLC lifted their target price on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. Buckingham Research reissued a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Keefe, Bruyette & Woods reaffirmed an “underweight” rating on shares of State Street Corporation in a report on Thursday, July 13th. Finally, BidaskClub raised State Street Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $88.63.
In other news, Chairman Joseph L. Hooley sold 5,666 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $497,928.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 16,069 shares of company stock valued at $1,422,969 in the last three months. Company insiders own 0.64% of the company’s stock.
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.
Receive News & Ratings for State Street Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
