State Street Corp. (STT) Stake Increased by Conning Inc.
Conning Inc. raised its position in State Street Corp. (NYSE:STT) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,908 shares of the company’s stock after buying an additional 10 shares during the period. Conning Inc.’s holdings in State Street Corp. were worth $534,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of STT. Virginia Retirement System acquired a new position in State Street Corp. during the first quarter worth $383,000. Los Angeles Capital Management & Equity Research Inc. raised its position in State Street Corp. by 4.0% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 107,454 shares of the company’s stock worth $6,288,000 after buying an additional 4,135 shares during the last quarter. Prudential Financial Inc. raised its position in State Street Corp. by 11.9% in the first quarter. Prudential Financial Inc. now owns 860,131 shares of the company’s stock worth $50,335,000 after buying an additional 91,500 shares during the last quarter. Continental Advisors LLC raised its position in State Street Corp. by 80.7% in the first quarter. Continental Advisors LLC now owns 29,100 shares of the company’s stock worth $1,703,000 after buying an additional 13,000 shares during the last quarter. Finally, FDO Partners LLC acquired a new position in State Street Corp. during the first quarter worth $271,000. Hedge funds and other institutional investors own 86.03% of the company’s stock.
Shares of State Street Corp. (NYSE:STT) traded up 1.52% on Friday, hitting $69.63. 3,326,710 shares of the stock traded hands. The firm has a market cap of $27.16 billion, a P/E ratio of 14.20 and a beta of 1.49. State Street Corp. has a 12-month low of $50.60 and a 12-month high of $75.40. The firm’s 50-day moving average is $69.71 and its 200 day moving average is $62.20.
State Street Corp. (NYSE:STT) last released its quarterly earnings data on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.20. State Street Corp. had a return on equity of 11.22% and a net margin of 20.19%. The firm earned $2.57 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period in the prior year, the company posted $1.36 earnings per share. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. Equities research analysts forecast that State Street Corp. will post $0.02 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, October 3rd will be paid a dividend of $0.38 per share. This is a positive change from State Street Corp.’s previous quarterly dividend of $0.34. This represents a $1.52 annualized dividend and a yield of 2.18%. The ex-dividend date is Thursday, September 29th. State Street Corp.’s dividend payout ratio is currently 30.89%.
STT has been the topic of a number of recent research reports. Deutsche Bank AG restated a “hold” rating on shares of State Street Corp. in a research report on Saturday, June 4th. Buckingham Research reiterated a “buy” rating on shares of State Street Corp. in a report on Tuesday, June 21st. Credit Suisse Group AG reiterated a “hold” rating on shares of State Street Corp. in a report on Tuesday, June 28th. Jefferies Group reiterated a “buy” rating and issued a $64.00 target price on shares of State Street Corp. in a report on Wednesday, July 6th. Finally, Barclays PLC reiterated a “buy” rating on shares of State Street Corp. in a report on Saturday, July 9th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. State Street Corp. currently has an average rating of “Hold” and a consensus price target of $70.35.
In other State Street Corp. news, EVP Jeffrey N. Carp sold 5,000 shares of the stock in a transaction on Wednesday, July 13th. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Karen C. Keenan sold 1,000 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $57.51, for a total value of $57,510.00. Following the transaction, the executive vice president now owns 65,883 shares of the company’s stock, valued at $3,788,931.33. The disclosure for this sale can be found here. Company insiders own 0.64% of the company’s stock.
State Street Corp. Company Profile
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.
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