Riverhead Capital Management LLC lowered its stake in State Street Corporation (NYSE:STT) by 16.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 66,272 shares of the asset manager’s stock after selling 12,582 shares during the period. Riverhead Capital Management LLC’s holdings in State Street Corporation were worth $5,947,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. State of Alaska Department of Revenue acquired a new position in shares of State Street Corporation during the 1st quarter worth approximately $123,000. Eqis Capital Management Inc. acquired a new position in shares of State Street Corporation during the 1st quarter worth approximately $250,000. First Trust Advisors LP grew its position in shares of State Street Corporation by 19.2% during the 1st quarter. First Trust Advisors LP now owns 253,563 shares of the asset manager’s stock worth $20,186,000 after purchasing an additional 40,805 shares in the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of State Street Corporation by 0.5% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 18,989 shares of the asset manager’s stock worth $1,512,000 after purchasing an additional 97 shares in the last quarter. Finally, Genesee Valley Trust Co. acquired a new position in shares of State Street Corporation during the 1st quarter worth approximately $605,000. Institutional investors and hedge funds own 87.36% of the company’s stock.
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In other news, Director Amelia C. Fawcett sold 5,000 shares of the business’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Erickson sold 353 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the sale, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,814 shares of company stock valued at $820,385. Company insiders own 0.71% of the company’s stock.
A number of research analysts have issued reports on STT shares. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Tuesday, July 11th. Buckingham Research restated 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. BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Keefe, Bruyette & Woods set a $93.00 target price on shares of State Street Corporation and gave the stock a “hold” rating in a research report on Monday, August 28th. Finally, Bank of America Corporation restated a “neutral” rating and set a $88.00 target price on shares of State Street Corporation in a research report on Friday, May 26th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $91.50.
Shares of State Street Corporation (NYSE STT) traded up 0.822% during trading on Tuesday, reaching $95.105. 86,334 shares of the company traded hands. The stock has a market capitalization of $35.56 billion, a PE ratio of 17.560 and a beta of 1.31. The firm’s 50-day moving average is $93.05 and its 200-day moving average is $85.69. State Street Corporation has a 12-month low of $68.16 and a 12-month high of $96.26.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the Zacks’ consensus estimate 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 business had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the previous year, the company earned $1.46 EPS. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, equities analysts predict that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.78%. 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 payout ratio is presently 28.15%.
State Street Corporation announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in shares. This repurchase authorization allows the asset manager to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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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