Meeder Asset Management Inc. cut its position in State Street Corporation (NYSE:STT) by 0.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor 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.
Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted 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. BlackRock Inc. boosted 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. FMR LLC boosted its stake in State Street Corporation by 3.5% in the first quarter. FMR LLC now owns 18,048,219 shares of the asset manager’s stock valued at $1,436,818,000 after buying an additional 607,920 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its stake in 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 valued at $418,948,000 after buying an additional 432,832 shares during the period. Finally, Boston Partners boosted 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 valued at $385,723,000 after buying an additional 1,587,871 shares during the period. 88.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of State Street Corporation (NYSE STT) opened at 91.79 on Friday. The firm has a 50-day moving average price of $92.34 and a 200-day moving average price of $84.04. 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 P/E ratio of 16.95 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, 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, equities analysts expect that State Street Corporation will post $6.15 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 1.83%. 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 declared that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.40 billion in shares. This repurchase authorization permits the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
Several equities research analysts recently commented on the company. UBS AG raised 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. Buckingham Research reaffirmed a “buy” rating and set a $107.00 price objective (up from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a research report on Saturday, July 1st. BidaskClub raised State Street Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 22nd. Finally, Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $90.18.
In related news, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total transaction of $296,160.00. Following the completion of the sale, the insider now directly owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 17,136 shares of company stock valued at $1,551,722. 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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