BB&T Investment Services Inc. bought a new position in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 18,175 shares of the asset manager’s stock, valued at approximately $1,625,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in State Street Corporation by 18.0% in the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after buying an additional 172 shares in the last quarter. Penserra Capital Management LLC acquired a new stake in State Street Corporation in the second quarter valued at about $107,000. Bronfman E.L. Rothschild L.P. boosted its stake in State Street Corporation by 15.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after buying an additional 168 shares in the last quarter. NEXT Financial Group Inc boosted its stake in State Street Corporation by 5.5% in the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after buying an additional 75 shares in the last quarter. Finally, Salem Investment Counselors Inc. boosted its stake in State Street Corporation by 2,677.8% in the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after buying an additional 964 shares in the last quarter. 87.42% of the stock is currently owned by institutional investors.
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Several analysts recently weighed in on the company. Citigroup Inc. reaffirmed a “neutral” rating and issued a $102.00 price objective (up from $88.00) on shares of State Street Corporation in a research note on Monday. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $106.00 price objective on the stock in a research note on Tuesday, September 19th. Wells Fargo & Company assumed coverage on State Street Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 price objective on the stock. Jefferies Group LLC reaffirmed a “hold” rating and issued a $100.00 price objective on shares of State Street Corporation in a research note on Friday, September 15th. Finally, Barclays PLC raised their price objective on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. State Street Corporation has an average rating of “Hold” and an average target price of $94.73.
Shares of State Street Corporation (STT) traded up 0.0238% during mid-day trading on Wednesday, hitting $99.1936. The stock had a trading volume of 403,295 shares. State Street Corporation has a 12 month low of $68.16 and a 12 month high of $99.99. The stock has a market cap of $37.09 billion, a P/E ratio of 18.6104 and a beta of 1.31. The firm has a 50 day moving average price of $94.70 and a 200-day moving average price of $88.32.
State Street Corporation (NYSE:STT) last posted its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) 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 firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the prior year, the business earned $1.46 EPS. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, equities research analysts forecast that State Street Corporation will post $6.17 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, September 29th. 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 1.69%. State Street Corporation’s dividend payout ratio is currently 31.11%.
State Street Corporation announced that its Board of Directors has authorized a stock repurchase 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 stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Amelia C. Fawcett sold 5,000 shares of the 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew Erickson sold 353 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following 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. Insiders have sold a total of 8,814 shares of company stock valued at $820,385 over the last 90 days. 0.71% of the stock is currently owned by company insiders.
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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