State Street Corporation (NYSE:STT) Position Increased by Foundry Partners LLC
Foundry Partners LLC increased its position in shares of State Street Corporation (NYSE:STT) by 3.3% during the second quarter, Holdings Channel reports. The fund owned 108,110 shares of the asset manager’s stock after buying an additional 3,465 shares during the period. Foundry Partners LLC’s holdings in State Street Corporation were worth $9,701,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its stake in State Street Corporation by 2.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,178,098 shares of the asset manager’s stock worth $105,711,000 after buying an additional 28,434 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in State Street Corporation by 14.8% in the second quarter. Canada Pension Plan Investment Board now owns 711,541 shares of the asset manager’s stock worth $63,847,000 after buying an additional 92,000 shares during the last quarter. Arrow Financial Corp increased its stake in State Street Corporation by 715.9% in the second quarter. Arrow Financial Corp now owns 6,119 shares of the asset manager’s stock worth $549,000 after buying an additional 5,369 shares during the last quarter. Global X Management Co. LLC increased its stake in State Street Corporation by 52.1% in the second quarter. Global X Management Co. LLC now owns 3,818 shares of the asset manager’s stock worth $343,000 after buying an additional 1,307 shares during the last quarter. Finally, Advisor Partners LLC increased its stake in State Street Corporation by 7.9% in the second quarter. Advisor Partners LLC now owns 7,155 shares of the asset manager’s stock worth $642,000 after buying an additional 526 shares during the last quarter. Hedge funds and other institutional investors own 88.62% of the company’s stock.
State Street Corporation (STT) opened at 92.08 on Friday. The firm has a 50-day moving average price of $91.78 and a 200-day moving average price of $83.61. The firm has a market cap of $34.43 billion, a PE ratio of 17.00 and a beta of 1.30. State Street Corporation has a one year low of $68.16 and a one year high of $96.26.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (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 analyst estimates of $2.86 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The company’s revenue was up 9.2% compared to the same quarter last year. On average, equities analysts expect that State Street Corporation will post $6.13 EPS for the current fiscal year.
State Street Corporation announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $1.40 billion in shares. This buyback authorization permits the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a yield of 1.82%. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is 28.15%.
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A number of research firms have recently weighed in on STT. Wells Fargo & Company began coverage on State Street Corporation in a research report on Wednesday. They set an “outperform” rating and a $115.00 target price for the company. Zacks Investment Research downgraded State Street Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Barclays PLC upped their price objective 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. Keefe, Bruyette & Woods restated an “underweight” rating on shares of State Street Corporation in a research report on Thursday, July 13th. Finally, Buckingham Research restated a “buy” rating and set a $107.00 price objective (up from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $90.18.
In other State Street Corporation news, insider George E. Sullivan sold 2,718 shares of State Street Corporation stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total transaction of $222,359.58. Following the completion of the sale, the insider now owns 73,090 shares of the company’s stock, valued at $5,979,492.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,069 shares of company stock valued at $1,422,969. Corporate 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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