Northern Trust Corp trimmed its holdings in State Street Corporation (NYSE:STT) by 3.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,545,828 shares of the asset manager’s stock after selling 173,329 shares during the period. Northern Trust Corp owned approximately 1.22% of State Street Corporation worth $407,897,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Salem Investment Counselors Inc. grew its stake in State Street Corporation by 2,677.8% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after buying an additional 964 shares in the last quarter. Parallel Advisors LLC grew its stake in State Street Corporation by 18.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after buying an additional 172 shares in the last quarter. Penserra Capital Management LLC purchased a new position in State Street Corporation in the 2nd quarter valued at approximately $107,000. Bronfman E.L. Rothschild L.P. grew its stake in State Street Corporation by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after buying an additional 168 shares in the last quarter. Finally, NEXT Financial Group Inc grew its stake in State Street Corporation by 5.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after buying an additional 75 shares in the last quarter. Institutional investors and hedge funds own 87.33% of the company’s stock.
In other State Street Corporation news, insider Hannah M. Grove sold 3,200 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $92.55, for a total transaction of $296,160.00. Following the transaction, the insider now owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were 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 in the company, valued at approximately $1,969,021.70. The disclosure for this sale can be found here. Insiders have sold a total of 8,814 shares of company stock valued at $820,385 in the last quarter. 0.71% of the stock is currently owned by company insiders.
Shares of State Street Corporation (NYSE STT) traded down 0.08% during trading on Thursday, hitting $95.74. 157,964 shares of the stock traded hands. The firm’s 50-day moving average price is $93.36 and its 200-day moving average price is $86.39. State Street Corporation has a 12 month low of $68.16 and a 12 month high of $96.33. The stock has a market cap of $35.80 billion, a PE ratio of 17.68 and a beta of 1.31.
State Street Corporation (NYSE:STT) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share 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 company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same quarter last year, the business posted $1.46 EPS. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. Analysts anticipate that State Street Corporation will post $6.15 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a dividend of $0.42 per share. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.75%. State Street Corporation’s dividend payout ratio (DPR) is presently 28.15%.
State Street Corporation declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to buyback $1.40 billion in outstanding shares. This buyback authorization allows the asset manager to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
STT has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of State Street Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 29th. Keefe, Bruyette & Woods set a $93.00 price objective on shares of State Street Corporation and gave the company a “hold” rating in a research note on Monday, August 28th. Barclays PLC lifted their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Bank of America Corporation reiterated a “neutral” rating and issued a $88.00 price objective on shares of State Street Corporation in a research note on Friday, May 26th. Finally, BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $92.50.
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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