State Street Corporation (NYSE:STT) CAO Sean P. Newth sold 261 shares of State Street Corporation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.84, for a total value of $24,492.24. Following the completion of the transaction, the chief accounting officer now owns 11,750 shares in the company, valued at approximately $1,102,620. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of State Street Corporation (NYSE:STT) traded up 0.69% during mid-day trading on Friday, hitting $92.42. The stock had a trading volume of 1,916,334 shares. The company has a market cap of $34.56 billion, a PE ratio of 17.06 and a beta of 1.30. State Street Corporation has a one year low of $67.55 and a one year high of $96.26. The firm’s 50 day moving average price is $92.42 and its 200-day moving average price is $84.16.
State Street Corporation (NYSE:STT) last released its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 business had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter last year, the company earned $1.46 earnings per share. The firm’s revenue was up 9.2% on a year-over-year basis. On average, equities research analysts anticipate that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
State Street Corporation declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in shares. This repurchase authorization allows the asset manager to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio (DPR) is presently 28.15%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in State Street Corporation by 1.9% in the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock valued at $2,155,556,000 after buying an additional 448,658 shares during the period. BlackRock Inc. raised its position 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 valued at $1,640,284,000 after buying an additional 19,729,678 shares during the period. FMR LLC raised its position in State Street Corporation by 10.8% in the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock valued at $1,793,591,000 after buying an additional 1,940,536 shares during the period. Longview Partners Guernsey LTD raised its position in State Street Corporation by 76.9% in the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock valued at $679,210,000 after buying an additional 3,290,082 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its position 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. 88.64% of the stock is owned by hedge funds and other institutional investors.
STT has been the topic of a number of research analyst reports. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. UBS AG upgraded State Street Corporation from a “neutral” rating to a “buy” rating and lifted their target price for the company from $86.00 to $92.00 in a report on Monday, June 5th. Goldman Sachs Group, Inc. (The) lifted their target price on State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a report on Monday, May 1st. 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. Finally, Buckingham Research reiterated 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. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $90.18.
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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