OLD National Bancorp IN acquired a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 2,475 shares of the asset manager’s stock, valued at approximately $222,000.
Several other large investors also recently bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in State Street Corporation during the fourth quarter valued at approximately $8,637,000. Quadrature Capital Ltd raised its stake in State Street Corporation by 1,304.0% in the fourth quarter. Quadrature Capital Ltd now owns 97,828 shares of the asset manager’s stock valued at $7,604,000 after buying an additional 90,860 shares during the period. UBS Asset Management Americas Inc. raised its stake in 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 valued at $80,174,000 after buying an additional 20,235 shares during the period. Teachers Advisors LLC raised its stake in State Street Corporation by 33.9% in the fourth quarter. Teachers Advisors LLC now owns 2,123,022 shares of the asset manager’s stock valued at $165,001,000 after buying an additional 537,899 shares during the period. Finally, Kentucky Retirement Systems bought a new stake in State Street Corporation during the fourth quarter valued at approximately $2,045,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.
State Street Corporation (NYSE STT) opened at 90.99 on Monday. The company has a market cap of $34.23 billion, a P/E ratio of 17.02 and a beta of 1.29. The firm’s 50 day moving average is $88.76 and its 200 day moving average is $82.20. State Street Corporation has a 12-month low of $57.30 and a 12-month high of $92.84.
State Street Corporation (NYSE:STT) last released its earnings results on Wednesday, April 26th. The asset manager reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.11. The business had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.75 billion. State Street Corporation had a net margin of 20.54% and a return on equity of 12.38%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 earnings per share. Equities research analysts anticipate that State Street Corporation will post $5.94 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid 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 dividend yield of 1.85%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is currently 28.46%.
State Street Corporation announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in shares. This buyback authorization authorizes the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
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Several equities research analysts have recently commented on STT shares. Deutsche Bank AG reduced their price objective on State Street Corporation from $85.00 to $84.00 and set a “hold” rating for the company in a research note on Thursday, April 6th. Jefferies Group LLC lowered State Street Corporation from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $89.00 to $87.00 in a research note on Tuesday, April 11th. Citigroup Inc. upped their price objective on State Street Corporation from $82.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 11th. Keefe, Bruyette & Woods set a $88.00 price objective on State Street Corporation and gave the stock a “hold” rating in a research note on Wednesday, April 26th. Finally, Goldman Sachs Group, Inc. (The) upped their price objective on State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Three research 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. State Street Corporation has an average rating of “Hold” and an average target price of $87.75.
In other news, EVP Jeffrey N. Carp sold 2,656 shares of the business’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $233,409.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $497,928.08. The disclosure for this sale can be found here. Insiders have sold 13,069 shares of company stock valued at $1,122,629 in the last three months. Corporate insiders own 0.64% of the company’s stock.
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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