State Street Corporation (STT) Stake Reduced by CIBC Asset Management Inc
CIBC Asset Management Inc decreased its stake in State Street Corporation (NYSE:STT) by 0.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 34,397 shares of the asset manager’s stock after selling 7 shares during the period. CIBC Asset Management Inc’s holdings in State Street Corporation were worth $3,086,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Salem Investment Counselors Inc. boosted its stake in shares of 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 raised 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 period. FTB Advisors Inc. raised 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 period. State of Alaska Department of Revenue bought a new position in State Street Corporation during the first quarter worth about $123,000. Finally, Pinnacle Bank bought a new position in State Street Corporation during the first quarter worth about $129,000. 87.74% of the stock is owned by institutional investors.
State Street Corporation (NYSE:STT) opened at 95.10 on Friday. The firm has a market cap of $35.58 billion, a price-to-earnings ratio of 17.56 and a beta of 1.30. The company’s 50 day moving average is $90.65 and its 200-day moving average is $82.85. State Street Corporation has a 1-year low of $65.31 and a 1-year high of $96.26.
State Street Corporation (NYSE:STT) last announced its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. State Street Corporation’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.46 earnings per share. On average, analysts predict that State Street Corporation will post $6.15 EPS for the current fiscal year.
The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 1.77%. This is an increase 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 28.15%.
State Street Corporation announced that its board has authorized 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 usually an indication that the company’s board of directors believes its stock is undervalued.
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STT has been the subject of a number of recent research reports. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Tuesday, July 11th. Buckingham Research reiterated 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 State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Deutsche Bank AG cut their target price on State Street Corporation from $84.00 to $81.00 and set a “hold” rating on the stock in a research report on Tuesday, April 18th. Finally, Jefferies Group LLC cut State Street Corporation from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $87.00 in a research report on Tuesday, April 11th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. State Street Corporation has an average rating of “Hold” and an average target price of $88.63.
In related 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 transaction of $466,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Joseph L. Hooley sold 5,666 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $497,928.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,069 shares of company stock valued at $1,422,969. 0.64% of the stock is currently owned by 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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