State Street Corporation (STT) Holdings Boosted by Axa
Axa grew its stake in shares of State Street Corporation (NYSE:STT) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,981 shares of the asset manager’s stock after buying an additional 500 shares during the period. Axa’s holdings in State Street Corporation were worth $8,882,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of STT. BlackRock Inc. lifted its holdings in shares of State Street Corporation by 2,256.7% during the 1st quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock valued at $1,640,284,000 after purchasing an additional 19,729,678 shares in the last quarter. Longview Partners Guernsey LTD bought a new position in shares of State Street Corporation during the 1st quarter valued at about $340,683,000. Boston Partners lifted its holdings in shares of State Street Corporation by 48.7% during the 1st quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock valued at $385,723,000 after purchasing an additional 1,587,871 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of State Street Corporation by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock valued at $1,876,730,000 after purchasing an additional 1,180,527 shares in the last quarter. Finally, Thrivent Financial For Lutherans lifted its holdings in shares of State Street Corporation by 6,361.2% during the 1st quarter. Thrivent Financial For Lutherans now owns 819,920 shares of the asset manager’s stock valued at $65,274,000 after purchasing an additional 807,230 shares in the last quarter. Hedge funds and other institutional investors own 87.36% of the company’s stock.
STT has been the topic of several recent analyst reports. Zacks Investment Research cut State Street Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. Barclays PLC lifted their price objective on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Keefe, Bruyette & Woods set a $93.00 price objective on State Street Corporation and gave the company a “hold” rating in a report on Monday, August 28th. Bank of America Corporation reiterated a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a report on Friday, May 26th. Finally, BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. State Street Corporation has a consensus rating of “Hold” and an average target price of $91.50.
In other State Street Corporation news, insider Andrew Erickson sold 353 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the sale, the insider now owns 21,170 shares in the company, valued at approximately $1,969,021.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction on 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. Insiders sold a total of 8,814 shares of company stock valued at $820,385 in the last quarter. 0.71% of the stock is currently owned by company insiders.
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Shares of State Street Corporation (STT) opened at 94.27 on Thursday. The company’s 50-day moving average price is $93.19 and its 200 day moving average price is $85.87. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $96.26. The company has a market cap of $35.25 billion, a price-to-earnings ratio of 17.41 and a beta of 1.31.
State Street Corporation (NYSE:STT) last posted its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. State Street Corporation’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 EPS. On average, analysts predict that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
State Street Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in shares. This repurchase authorization allows the asset manager to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The firm 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 $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Friday, September 29th. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is presently 28.15%.
State Street Corporation 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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