State Street Corporation (NYSE:STT) Position Lowered by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.
Mitsubishi UFJ Kokusai Asset Management Co. Ltd. reduced its position in shares of State Street Corporation (NYSE:STT) by 11.5% during the second quarter, Holdings Channel reports. The institutional investor owned 54,515 shares of the asset manager’s stock after selling 7,105 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in State Street Corporation were worth $4,892,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue purchased a new stake in State Street Corporation during the first quarter worth approximately $123,000. FTB Advisors Inc. boosted its stake 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 in the last quarter. Pinnacle Bank purchased a new stake in State Street Corporation during the first quarter worth approximately $129,000. NEXT Financial Group Inc boosted its stake 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 in the last quarter. Finally, Salem Investment Counselors Inc. boosted its stake 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 in the last quarter. Institutional investors and hedge funds own 88.62% of the company’s stock.
State Street Corporation (NYSE STT) opened at 92.08 on Friday. The stock’s 50 day moving average is $91.78 and its 200-day moving average is $83.61. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $96.26. The firm has a market capitalization of $34.43 billion, a P/E ratio of 17.00 and a beta of 1.30.
State Street Corporation (NYSE:STT) last issued its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The business’s revenue was up 9.2% on a year-over-year basis. During the same period last year, the company earned $1.46 earnings per share. Analysts forecast that State Street Corporation will post $6.13 EPS for the current year.
State Street Corporation declared that its board has authorized a stock repurchase program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a dividend of $0.42 per share. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Friday, September 29th. State Street Corporation’s dividend payout ratio (DPR) is currently 28.15%.
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STT has been the subject of a number of recent analyst reports. Buckingham Research restated a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Goldman Sachs Group, Inc. (The) upped their price objective on shares of State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, May 1st. BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. UBS AG upgraded shares of State Street Corporation from a “neutral” rating to a “buy” rating and upped their price objective for the company from $86.00 to $92.00 in a research report on Monday, June 5th. Finally, Zacks Investment Research upgraded 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 report on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $90.18.
In related news, Chairman Joseph L. Hooley sold 5,666 shares of the business’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $497,928.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey N. Carp sold 2,656 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $233,409.28. The disclosure for this sale can be found here. Insiders have sold 16,069 shares of company stock valued at $1,422,969 over the last quarter. Corporate insiders own 0.64% of the company’s stock.
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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