Anchor Capital Advisors LLC Reduces Stake in State Street Corporation (STT)

Anchor Capital Advisors LLC decreased its stake in shares of State Street Corporation (NYSE:STT) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,552 shares of the asset manager’s stock after selling 30 shares during the period. Anchor Capital Advisors LLC’s holdings in State Street Corporation were worth $1,037,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. increased its stake 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 worth $1,640,284,000 after buying an additional 19,729,678 shares in the last quarter. Longview Partners Guernsey LTD purchased a new stake in State Street Corporation during the first quarter worth approximately $340,683,000. Boston Partners increased its stake 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 worth $385,723,000 after buying an additional 1,587,871 shares in the last quarter. Vanguard Group Inc. increased its stake in 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. Finally, Thrivent Financial For Lutherans increased its stake in State Street Corporation by 6,361.2% in the first quarter. Thrivent Financial For Lutherans now owns 819,920 shares of the asset manager’s stock worth $65,274,000 after buying an additional 807,230 shares in the last quarter. 88.64% of the stock is currently owned by hedge funds and other institutional investors.

State Street Corporation (NYSE STT) traded down 1.34% during midday trading on Thursday, hitting $91.79. The stock had a trading volume of 1,877,262 shares. The company’s 50 day moving average is $92.28 and its 200 day moving average is $83.99. State Street Corporation has a 1-year low of $67.55 and a 1-year high of $96.26. The company has a market cap of $34.33 billion, a price-to-earnings ratio of 16.95 and a beta of 1.30.

State Street Corporation (NYSE:STT) last released 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 company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the previous year, the business earned $1.46 earnings per share. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. On average, equities analysts anticipate that State Street Corporation will post $6.15 earnings per share for the current fiscal year.

State Street Corporation announced that its board has authorized 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 purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

The firm also recently declared 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. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.83%. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. State Street Corporation’s payout ratio is presently 28.15%.

A number of equities analysts recently issued reports on STT shares. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Tuesday, July 11th. Buckingham Research restated a “buy” rating and issued a $107.00 target price (up from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Bank of America Corporation reiterated a “neutral” rating and set a $88.00 price target on shares of State Street Corporation in a report on Friday, May 26th. Finally, Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the company a “hold” rating in a research note on Saturday, July 1st. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $90.18.

In other news, Chairman Joseph L. Hooley sold 5,666 shares of State Street Corporation stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction that occurred on 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 quarter, insiders sold 17,136 shares of company stock valued at $1,551,722. 0.64% of the stock is owned by company 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.