Comerica Bank lowered its stake in shares of State Street Corporation (NYSE:STT) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,530 shares of the asset manager’s stock after selling 2,525 shares during the period. Comerica Bank’s holdings in State Street Corporation were worth $8,286,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Korea Investment CORP boosted its stake in shares of State Street Corporation by 19.1% in the first quarter. Korea Investment CORP now owns 296,987 shares of the asset manager’s stock valued at $23,643,000 after buying an additional 47,536 shares in the last quarter. First Manhattan Co. boosted its stake in shares of State Street Corporation by 1.1% in the first quarter. First Manhattan Co. now owns 11,129 shares of the asset manager’s stock valued at $774,000 after buying an additional 125 shares in the last quarter. BTIM Corp. boosted its stake in shares of State Street Corporation by 3.8% in the first quarter. BTIM Corp. now owns 487,692 shares of the asset manager’s stock valued at $38,825,000 after buying an additional 17,645 shares in the last quarter. Taylor Wealth Management Partners boosted its stake in shares of State Street Corporation by 2.0% in the first quarter. Taylor Wealth Management Partners now owns 24,655 shares of the asset manager’s stock valued at $1,963,000 after buying an additional 495 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in shares of State Street Corporation by 1.9% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 10,287 shares of the asset manager’s stock valued at $766,000 after buying an additional 191 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.
State Street Corporation (NYSE STT) opened at 92.42 on Friday. The company has a market cap of $34.56 billion, a price-to-earnings 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 52-week low of $68.16 and a 52-week high of $96.26.
State Street Corporation (NYSE:STT) last posted its 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. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. State Street Corporation’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.46 earnings per share. Equities research analysts expect that State Street Corporation will post $6.15 EPS for the current fiscal year.
The business 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. 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%. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is currently 28.15%.
State Street Corporation declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $1.40 billion in outstanding shares. This buyback authorization allows the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several brokerages recently weighed in on STT. Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and increased their target price for the company from $92.00 to $100.00 in a report on Wednesday, June 28th. Wells Fargo & Company began coverage on State Street Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price for the company. Deutsche Bank AG dropped their target price on State Street Corporation from $81.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 24th. Barclays PLC increased their target price on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the company a “hold” rating in a report on Wednesday, April 26th. 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 stock. State Street Corporation currently has a consensus rating of “Hold” and a consensus target price of $90.18.
In other news, insider Andrew Erickson sold 353 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the transaction, the insider now directly owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $92.55, for a total value of $296,160.00. Following the transaction, the insider now directly owns 39,896 shares in the company, valued at $3,692,374.80. The disclosure for this sale can be found here. In the last 90 days, insiders have 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.
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