DekaBank Deutsche Girozentrale raised its stake in State Street Corporation (NYSE:STT) by 32.9% during the second quarter, Holdings Channel reports. The firm owned 52,201 shares of the asset manager’s stock after buying an additional 12,929 shares during the period. DekaBank Deutsche Girozentrale’s holdings in State Street Corporation were worth $4,802,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of 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 period. BlackRock Inc. raised its stake in shares of 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 period. FMR LLC raised its stake in shares of 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 period. Longview Partners Guernsey LTD raised its stake in shares of 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 period. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in shares of 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 period. 88.64% of the stock is currently owned by institutional investors and hedge funds.

State Street Corporation (NYSE STT) opened at 93.04 on Thursday. The firm has a market cap of $34.79 billion, a price-to-earnings ratio of 17.18 and a beta of 1.30. State Street Corporation has a 12-month low of $67.55 and a 12-month high of $96.26. The stock has a 50 day moving average price of $92.28 and a 200-day moving average price of $83.99.

State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. The business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 EPS. Equities analysts forecast that State Street Corporation will post $6.15 earnings per share for the current year.

State Street Corporation announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.81%. This is a boost 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%.

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Several research analysts have commented on STT shares. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Tuesday, July 11th. Buckingham Research reaffirmed a “buy” rating and set a $107.00 price target (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Bank of America Corporation reaffirmed a “neutral” rating and set a $88.00 price target on shares of State Street Corporation in a research report on Friday, May 26th. Finally, Keefe, Bruyette & Woods set a $88.00 price target on State Street Corporation and gave the stock a “hold” rating in a research report on Saturday, July 1st. Three equities research 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 stock. The company currently has an average rating of “Hold” and an average price target of $90.18.

In other news, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Joseph L. Hooley sold 5,666 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was 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. Insiders have sold a total of 16,522 shares of company stock worth $1,494,397 over the last quarter. 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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