First Western Capital Management Co Sells 1,023 Shares of State Street Corporation (NYSE:STT)
First Western Capital Management Co decreased its position in State Street Corporation (NYSE:STT) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,654 shares of the asset manager’s stock after selling 1,023 shares during the period. State Street Corporation makes up about 2.6% of First Western Capital Management Co’s holdings, making the stock its 13th largest position. First Western Capital Management Co’s holdings in State Street Corporation were worth $4,276,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of STT. Salem Investment Counselors Inc. increased its position 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 worth $131,000 after buying an additional 964 shares during the last quarter. NEXT Financial Group Inc increased its position 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 worth $130,000 after buying an additional 75 shares during the last quarter. FTB Advisors Inc. increased its position in State Street Corporation by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock worth $127,000 after buying an additional 207 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in State Street Corporation during the first quarter worth about $123,000. Finally, Pinnacle Bank purchased a new position in State Street Corporation during the first quarter worth about $129,000. 87.74% of the stock is currently owned by institutional investors and hedge funds.
Shares of State Street Corporation (NYSE:STT) opened at 95.10 on Friday. The firm has a 50-day moving average price of $90.65 and a 200-day moving average price of $82.85. State Street Corporation has a 1-year low of $65.31 and a 1-year high of $96.26. The stock has a market capitalization of $35.58 billion, a PE ratio of 17.56 and a beta of 1.30.
State Street Corporation (NYSE:STT) last released its earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 previous year, the firm posted $1.46 EPS. State Street Corporation’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities research analysts forecast that State Street Corporation will post $6.15 earnings per share 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 paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.77%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. State Street Corporation’s payout ratio is presently 28.15%.
State Street Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $1.40 billion in shares. This buyback authorization allows the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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A number of equities analysts have recently issued reports on the company. UBS AG raised State Street Corporation from a “neutral” rating to a “buy” rating and increased their price target for the stock from $86.00 to $92.00 in a research report on Monday, June 5th. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price target on the stock in a research report on Thursday, July 27th. Keefe, Bruyette & Woods set a $88.00 price target on State Street Corporation and gave the stock a “hold” rating in a research report on Saturday, July 1st. Barclays PLC increased their price target on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $87.00 price target on shares of State Street Corporation in a research report on Monday, June 19th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. State Street Corporation presently has a consensus rating of “Hold” and a consensus target price of $88.63.
In related news, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider George E. Sullivan sold 2,718 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total value of $222,359.58. Following the transaction, the insider now directly owns 73,090 shares of the company’s stock, valued at $5,979,492.90. The disclosure for this sale can be found here. Insiders have sold a total of 16,069 shares of company stock valued at $1,422,969 over the last three months. 0.64% of the stock is currently 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.
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