KDI Capital Partners LLC reduced its stake in shares of State Street Corporation (NYSE:STT) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,604 shares of the asset manager’s stock after selling 2,658 shares during the period. State Street Corporation makes up approximately 4.9% of KDI Capital Partners LLC’s investment portfolio, making the stock its largest position. KDI Capital Partners LLC’s holdings in State Street Corporation were worth $14,411,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake 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 valued at $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. Pennsylvania Trust Co increased its stake in shares of State Street Corporation by 6.5% in the second quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock valued at $361,000 after buying an additional 240 shares in the last quarter. Ledyard National Bank increased its stake 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 valued at $268,000 after buying an additional 1,410 shares in the last quarter. CAPROCK Group Inc. increased its stake 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 valued at $291,000 after buying an additional 81 shares in the last quarter. Finally, State of Wisconsin Investment Board increased its stake 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 valued at $36,040,000 after buying an additional 18,391 shares in the last quarter. Institutional investors and hedge funds 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 price-to-earnings ratio of 17.06 and a beta of 1.30. The stock has a 50 day moving average price of $92.42 and a 200-day moving average price of $84.16. State Street Corporation has a 1-year low of $67.55 and a 1-year high of $96.26.
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 return on equity of 12.49% and a net margin of 19.97%. The company had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, equities research analysts expect that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.82%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is currently 28.15%.
State Street Corporation declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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Several analysts have recently issued reports on STT shares. Barclays PLC upped their price objective on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, July 27th. Bank of America Corporation reiterated a “neutral” rating and set a $88.00 target price on shares of State Street Corporation in a research report on Friday, May 26th. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a research report on Thursday, July 27th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $87.00 target price on shares of State Street Corporation in a research report on Monday, June 19th. Three 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. The stock currently has an average rating of “Hold” and an average price target of $90.18.
In other State Street Corporation news, Chairman Joseph L. Hooley sold 5,666 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total value of $497,928.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. Insiders sold 17,136 shares of company stock valued at $1,551,722 in the last ninety days. Insiders own 0.64% of the company’s stock.
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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