Addenda Capital Inc. Reduces Stake in State Street Corporation (STT)

Addenda Capital Inc. decreased its position in State Street Corporation (NYSE:STT) by 3.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 90,702 shares of the asset manager’s stock after selling 2,964 shares during the period. Addenda Capital Inc.’s holdings in State Street Corporation were worth $8,050,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. DnB Asset Management AS boosted its stake in State Street Corporation by 12.9% in the first quarter. DnB Asset Management AS now owns 42,832 shares of the asset manager’s stock worth $3,410,000 after buying an additional 4,900 shares during the last quarter. Ledyard National Bank boosted its stake in State Street Corporation by 72.0% in the first quarter. Ledyard National Bank now owns 3,368 shares of the asset manager’s stock worth $268,000 after buying an additional 1,410 shares during the last quarter. Rothschild Investment Corp IL boosted its stake in State Street Corporation by 5.9% in the first quarter. Rothschild Investment Corp IL now owns 8,017 shares of the asset manager’s stock worth $638,000 after buying an additional 446 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in State Street Corporation during the first quarter worth about $123,000. Finally, Hermes Investment Management Ltd. boosted its stake in State Street Corporation by 36.0% in the first quarter. Hermes Investment Management Ltd. now owns 626,685 shares of the asset manager’s stock worth $49,890,000 after buying an additional 166,031 shares during the last quarter. 88.64% of the stock is owned by institutional investors and hedge funds.

State Street Corporation (STT) opened at 91.79 on Friday. The company has a 50 day moving average of $92.34 and a 200 day moving average of $84.04. The company has a market capitalization of $34.33 billion, a PE ratio of 16.95 and a beta of 1.30. State Street Corporation has a 1-year low of $67.55 and a 1-year high of $96.26.

State Street Corporation (NYSE:STT) last issued 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. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. State Street Corporation’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, analysts predict that State Street Corporation will post $6.15 earnings per share for the current fiscal year.

State Street Corporation announced that its Board of Directors has initiated a stock buyback 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.83%. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s dividend payout ratio is presently 28.15%.

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STT has been the subject of a number of research reports. Deutsche Bank AG lowered their target price on State Street Corporation from $81.00 to $80.00 and set a “hold” rating for the company in a research note on Monday, April 24th. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a research note on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) increased their target price 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. Bank of America Corporation reissued a “neutral” rating and set a $88.00 target price on shares of State Street Corporation in a research note on Friday, May 26th. Finally, UBS AG raised State Street Corporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $86.00 to $92.00 in a research note on Monday, June 5th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. State Street Corporation presently has an average rating of “Hold” and a consensus target price of $90.18.

In related news, Chairman Joseph L. Hooley sold 5,666 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $497,928.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. Insiders have sold 17,136 shares of company stock worth $1,551,722 over the last ninety days. 0.64% of the stock is owned by 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.

Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

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