State Street Corporation (STT) Shares Bought by BB&T Securities LLC

BB&T Securities LLC raised its stake in shares of State Street Corporation (NYSE:STT) by 10.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,007 shares of the asset manager’s stock after buying an additional 13,582 shares during the period. BB&T Securities LLC’s holdings in State Street Corporation were worth $12,473,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in STT. BlackRock Inc. raised 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 valued at $1,640,284,000 after buying an additional 19,729,678 shares in the last quarter. Longview Partners Guernsey LTD acquired a new stake in State Street Corporation during the first quarter valued at about $340,683,000. Boston Partners raised 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 in the last quarter. Vanguard Group Inc. raised 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 valued at $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. Finally, Thrivent Financial For Lutherans raised 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 valued at $65,274,000 after buying an additional 807,230 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.

Shares of State Street Corporation (NYSE:STT) opened at 92.42 on Friday. The firm has a market cap of $34.56 billion, a P/E ratio of 17.06 and a beta of 1.30. The company’s 50-day moving average price is $92.42 and its 200-day moving average price is $84.16. State Street Corporation has a 12 month low of $67.55 and a 12 month high of $96.26.

State Street Corporation (NYSE:STT) last issued its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) 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 business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, analysts predict that State Street Corporation will post $6.15 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be issued a dividend of $0.42 per share. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.82%. State Street Corporation’s payout ratio is presently 28.15%.

State Street Corporation declared that its board has approved a share repurchase 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 stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

STT has been the topic of several research analyst reports. Bank of America Corporation restated a “neutral” rating and issued a $88.00 price objective on shares of State Street Corporation in a research note on Friday, May 26th. Goldman Sachs Group, Inc. (The) upped their target price on State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, May 1st. 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 report on Monday, April 24th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $86.00 target price on shares of State Street Corporation in a research report on Friday, June 23rd. Finally, BidaskClub raised State Street Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 22nd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $90.18.

In other State Street Corporation news, insider Andrew Erickson sold 353 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total transaction of $32,832.53. Following the sale, the insider now owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey N. Carp sold 2,656 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $233,409.28. The disclosure for this sale can be found here. Insiders have sold a total of 17,136 shares of company stock worth $1,551,722 in the last three months. 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.