Modera Wealth Management LLC trimmed its holdings in State Street Corporation (NYSE:STT) by 9.8% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,588 shares of the asset manager’s stock after selling 388 shares during the quarter. Modera Wealth Management LLC’s holdings in State Street Corporation were worth $322,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in STT. Parallel Advisors LLC grew its stake in shares of State Street Corporation by 18.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after purchasing an additional 172 shares during the period. Penserra Capital Management LLC bought a new stake in shares of State Street Corporation during the 2nd quarter valued at about $107,000. Bronfman E.L. Rothschild L.P. grew its stake in shares of State Street Corporation by 15.3% during 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 purchasing an additional 168 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of State Street Corporation during the 1st quarter valued at about $123,000. Finally, FTB Advisors Inc. grew its stake in shares of State Street Corporation by 15.7% during the 1st quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock valued at $127,000 after purchasing an additional 207 shares during the period. Institutional investors and hedge funds own 87.33% of the company’s stock.
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In other State Street Corporation news, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the sale, the insider now directly owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The disclosure for this sale can be found here. Insiders sold 8,814 shares of company stock valued at $820,385 over the last ninety days. Insiders own 0.71% of the company’s stock.
Shares of State Street Corporation (STT) opened at 95.56 on Friday. The stock has a market capitalization of $35.74 billion, a PE ratio of 17.64 and a beta of 1.31. The firm has a 50 day moving average price of $93.36 and a 200 day moving average price of $86.39. State Street Corporation has a one year low of $68.16 and a one year high of $96.26.
State Street Corporation (NYSE:STT) last issued its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 business had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. The company’s revenue was up 9.2% on a year-over-year basis. Analysts predict that State Street Corporation will post $6.16 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. State Street Corporation’s payout ratio is presently 28.15%.
State Street Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $1.40 billion in shares. This buyback authorization allows the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of research analysts have recently weighed in on STT shares. Bank of America Corporation reaffirmed a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a research report on Friday, May 26th. UBS AG raised State Street Corporation from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $86.00 to $92.00 in a research report on Monday, June 5th. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Jefferies Group LLC reaffirmed a “hold” rating and set a $87.00 price objective on shares of State Street Corporation in a research report on Monday, June 19th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $86.00 price objective on shares of State Street Corporation in a research report on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $92.50.
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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