Fayerweather Charles cut its stake in 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. The firm owned 10,700 shares of the asset manager’s stock after selling 300 shares during the period. State Street Corporation comprises 1.3% of Fayerweather Charles’ holdings, making the stock its 26th largest position. Fayerweather Charles’ holdings in State Street Corporation were worth $960,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. increased its position in shares of State Street Corporation by 2.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,031,575 shares of the asset manager’s stock worth $80,174,000 after buying an additional 20,235 shares during the last quarter. Kentucky Retirement Systems acquired a new position in shares of State Street Corporation during the fourth quarter worth about $2,045,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of State Street Corporation during the fourth quarter worth about $912,000. Highbridge Capital Management LLC acquired a new position in shares of State Street Corporation during the fourth quarter worth about $617,000. Finally, Macquarie Group Ltd. increased its position in shares of State Street Corporation by 35.2% in the fourth quarter. Macquarie Group Ltd. now owns 398,448 shares of the asset manager’s stock worth $30,967,000 after buying an additional 103,705 shares during the last quarter. 88.62% of the stock is currently owned by institutional investors and hedge funds.
Shares of State Street Corporation (NYSE STT) traded down 0.11% during midday trading on Tuesday, hitting $94.35. The company had a trading volume of 1,178,636 shares. The company has a 50-day moving average of $91.14 and a 200-day moving average of $83.10. State Street Corporation has a 12 month low of $67.45 and a 12 month high of $96.26. The company has a market capitalization of $35.30 billion, a PE ratio of 17.42 and a beta of 1.30.
State Street Corporation (NYSE:STT) last released its earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. State Street Corporation’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.46 EPS. Analysts predict that State Street Corporation will post $6.15 earnings per share for the current year.
State Street Corporation announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in shares. This buyback authorization authorizes the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be paid a $0.42 dividend. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a yield of 1.78%. The ex-dividend date is Friday, September 29th. State Street Corporation’s payout ratio is presently 28.15%.
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A number of research firms have weighed in on STT. UBS AG upgraded State Street Corporation from a “neutral” rating to a “buy” rating and upped their price target for the stock from $86.00 to $92.00 in a research report on Monday, June 5th. Citigroup Inc. increased their target price on State Street Corporation from $82.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 11th. BidaskClub upgraded State Street Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 22nd. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a research report on Saturday, July 1st. Finally, Buckingham Research reiterated a “buy” rating and set a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $88.63.
In other State Street Corporation news, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider George E. Sullivan sold 2,718 shares of State Street Corporation stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total transaction of $222,359.58. Following the completion of the sale, the insider now directly owns 73,090 shares of the company’s stock, valued at $5,979,492.90. The disclosure for this sale can be found here. Insiders sold a total of 16,069 shares of company stock valued at $1,422,969 over the last ninety days. 0.64% of the stock is owned by corporate 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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