Daiwa Securities Group Inc. raised its stake in State Street Corporation (NYSE:STT) by 13.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,143 shares of the asset manager’s stock after buying an additional 1,400 shares during the period. Daiwa Securities Group Inc.’s holdings in State Street Corporation were worth $1,090,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue acquired a new position in shares of State Street Corporation during the first quarter valued at about $123,000. FTB Advisors Inc. boosted its position in shares of State Street Corporation by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock valued at $127,000 after buying an additional 207 shares during the period. Pinnacle Bank acquired a new position in shares of State Street Corporation during the first quarter valued at about $129,000. NEXT Financial Group Inc boosted its position in shares of 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 during the period. Finally, Salem Investment Counselors Inc. boosted its position 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 valued at $131,000 after buying an additional 964 shares during the period. 88.62% of the stock is owned by hedge funds and other institutional investors.

Shares of State Street Corporation (NYSE:STT) opened at 92.50 on Friday. The stock’s 50 day moving average is $91.69 and its 200-day moving average is $83.51. State Street Corporation has a 1-year low of $67.55 and a 1-year high of $96.26. The stock has a market cap of $34.59 billion, a PE ratio of 17.08 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 net margin of 19.97% and a return on equity of 12.49%. The company had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter last year, the business earned $1.46 EPS. The business’s revenue was up 9.2% on a year-over-year basis. On average, analysts predict that State Street Corporation will post $6.13 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio (DPR) is 28.15%.

State Street Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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STT has been the subject of several recent research reports. Buckingham Research reissued a “buy” rating and set a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Goldman Sachs Group, Inc. (The) raised their target price on shares of State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, May 1st. BidaskClub raised shares of State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. UBS Group AG raised shares of State Street Corporation from a “neutral” rating to a “buy” rating and raised their target price for the stock from $86.00 to $92.00 in a report on Monday, June 5th. Finally, Zacks Investment Research raised shares of 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. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $90.18.

In other news, insider George E. Sullivan sold 2,718 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $81.81, for a total value of $222,359.58. Following the completion of the transaction, the insider now owns 73,090 shares in the company, valued at approximately $5,979,492.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Insiders sold a total of 16,069 shares of company stock valued at $1,422,969 in the last 90 days. Company insiders own 0.64% of the company’s stock.

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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Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

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