State Street Corporation (STT) Position Boosted by Train Babcock Advisors LLC
Train Babcock Advisors LLC raised its position in shares of State Street Corporation (NYSE:STT) by 3.8% during the second quarter, Holdings Channel reports. The fund owned 11,501 shares of the asset manager’s stock after buying an additional 424 shares during the period. Train Babcock Advisors LLC’s holdings in State Street Corporation were worth $1,032,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. 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 worth $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 worth $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 worth $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 worth $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 worth $418,948,000 after buying an additional 432,832 shares during the last quarter. 88.64% of the stock is owned by institutional investors and hedge funds.
State Street Corporation (NYSE:STT) traded up 0.69% during mid-day trading on Friday, hitting $92.42. The company had a trading volume of 1,916,334 shares. The firm has a market capitalization of $34.56 billion, a PE ratio of 17.06 and a beta of 1.30. State Street Corporation has a 1-year low of $67.55 and a 1-year high of $96.26. The company has a 50 day moving average of $92.42 and a 200 day moving average of $84.16.
State Street Corporation (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating 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 firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company’s revenue was up 9.2% on a year-over-year basis. Analysts predict that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a $0.42 dividend. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.82%. State Street Corporation’s payout ratio is 28.15%.
State Street Corporation declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in shares. This repurchase authorization allows the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
COPYRIGHT VIOLATION WARNING: This piece of content was first reported by Daily Political and is the sole property of of Daily Political. If you are reading this piece of content on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this piece of content can be viewed at https://www.dailypolitical.com/2017/08/19/state-street-corporation-stt-position-boosted-by-train-babcock-advisors-llc.html.
A number of 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 for the company 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 company a “hold” rating in a research report on Saturday, July 1st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $90.18.
In related news, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Joseph L. Hooley sold 5,666 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $497,928.08. The disclosure for this sale can be found here. Insiders sold 17,136 shares of company stock valued at $1,551,722 in the last three months. 0.64% of the stock is currently owned by insiders.
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.
Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT).
Receive News & Ratings for State Street Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Corporation and related companies with MarketBeat.com's FREE daily email newsletter.