Harbour Capital Advisors LLC Acquires 16,238 Shares of State Street Corporation (STT)
Harbour Capital Advisors LLC raised its stake in shares of State Street Corporation (NYSE:STT) by 8,873.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,421 shares of the asset manager’s stock after buying an additional 16,238 shares during the period. Harbour Capital Advisors LLC’s holdings in State Street Corporation were worth $183,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock valued at $1,876,730,000 after buying an additional 1,180,527 shares during the last quarter. BlackRock Inc. raised its position in State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock valued at $1,640,284,000 after buying an additional 19,729,678 shares during the last quarter. FMR LLC raised its position in State Street Corporation by 3.5% in the first quarter. FMR LLC now owns 18,048,219 shares of the asset manager’s stock valued at $1,436,818,000 after buying an additional 607,920 shares during the last quarter. Longview Partners Guernsey LTD raised its position in State Street Corporation by 76.9% in the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock valued at $679,210,000 after buying an additional 3,290,082 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in State Street Corporation by 9.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock valued at $418,948,000 after buying an additional 432,832 shares during the last quarter. 88.62% of the stock is owned by institutional investors and hedge funds.
Shares of State Street Corporation (NYSE STT) opened at 94.35 on Wednesday. The firm has a market cap of $35.30 billion, a PE ratio of 17.42 and a beta of 1.30. State Street Corporation has a 12-month low of $67.45 and a 12-month high of $96.26. The firm’s 50-day moving average is $91.14 and its 200-day moving average is $83.10.
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, beating the Zacks’ 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 company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period in the prior year, the company posted $1.46 EPS. State Street Corporation’s quarterly revenue was up 9.2% on a year-over-year basis. Equities analysts expect that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given 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 is Friday, September 29th. State Street Corporation’s dividend payout ratio is presently 28.15%.
State Street Corporation announced that its board has initiated a stock buyback plan on Wednesday, June 28th that permits the company to buyback $1.40 billion in outstanding shares. This buyback authorization permits the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
STT has been the subject of several recent research reports. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Tuesday, July 11th. Buckingham Research reaffirmed a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. BidaskClub raised shares of State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Deutsche Bank AG reduced their target price on shares of State Street Corporation from $84.00 to $81.00 and set a “hold” rating on the stock in a report on Tuesday, April 18th. Finally, Jefferies Group LLC cut shares of State Street Corporation from a “buy” rating to a “hold” rating and reduced their target price for the company from $89.00 to $87.00 in a report on Tuesday, April 11th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $88.63.
In related news, insider George E. Sullivan sold 2,718 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total transaction of $222,359.58. Following the sale, the insider now directly owns 73,090 shares of the company’s stock, valued at approximately $5,979,492.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Joseph L. Hooley sold 5,666 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $497,928.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,069 shares of company stock worth $1,422,969. 0.64% of the stock is currently owned by corporate 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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