State Street Corporation (STT) Position Maintained by Forbes J M & Co. LLP
Forbes J M & Co. LLP maintained its position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 6,187 shares of the asset manager’s stock at the close of the second quarter. Forbes J M & Co. LLP’s holdings in State Street Corporation were worth $555,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Salem Investment Counselors Inc. grew its position in shares of State Street Corporation by 2,677.8% during the 1st 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 during the period. Parallel Advisors LLC grew its position in shares of State Street Corporation by 18.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after purchasing an additional 172 shares during the period. Penserra Capital Management LLC acquired a new position in shares of State Street Corporation in the 2nd quarter valued at approximately $107,000. Bronfman E.L. Rothschild L.P. grew its position in shares of State Street Corporation by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after purchasing an additional 168 shares during the period. Finally, NEXT Financial Group Inc grew its position in shares of State Street Corporation by 5.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 75 shares during the period. Institutional investors own 87.36% of the company’s stock.
In related news, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation 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 is accessible through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of State Street Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the transaction, the insider now directly owns 39,896 shares in the company, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,814 shares of company stock worth $820,385. 0.71% of the stock is owned by insiders.
Several brokerages recently issued reports on STT. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a research report on Thursday, July 27th. Wells Fargo & Company began coverage on State Street Corporation in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 price objective for the company. Barclays PLC boosted their price objective on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research 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 research report on Monday, August 28th. Finally, Buckingham Research reiterated a “buy” rating and issued a $107.00 price objective (up from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $91.50.
Shares of State Street Corporation (STT) traded up 0.26% during midday trading on Friday, hitting $94.34. The stock had a trading volume of 523,119 shares. State Street Corporation has a 52 week low of $68.16 and a 52 week high of $96.26. The firm has a market cap of $35.28 billion, a P/E ratio of 17.42 and a beta of 1.31. The company’s 50 day moving average is $93.23 and its 200 day moving average is $85.99.
State Street Corporation (NYSE:STT) last announced its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The company 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%. State Street Corporation’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.46 earnings per share. On average, equities analysts predict that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be given a dividend of $0.42 per share. This is a boost 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 annualized dividend and a dividend yield of 1.78%. State Street Corporation’s payout ratio is presently 28.15%.
State Street Corporation declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in outstanding shares. This buyback authorization authorizes the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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