Amalgamated Bank Grows Holdings in State Street Corporation (STT)
Amalgamated Bank raised its holdings in shares of State Street Corporation (NYSE:STT) by 54.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,041 shares of the asset manager’s stock after purchasing an additional 14,828 shares during the quarter. Amalgamated Bank’s holdings in State Street Corporation were worth $3,772,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Commonwealth Bank of Australia lifted its position in State Street Corporation by 5.8% during the second quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock valued at $5,490,000 after purchasing an additional 3,365 shares during the last quarter. Vanguard Group Inc. lifted its position in State Street Corporation by 5.3% during 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 purchasing an additional 1,180,527 shares during the last quarter. Pennsylvania Trust Co lifted its position in State Street Corporation by 6.5% during the second quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock valued at $361,000 after purchasing an additional 240 shares during the last quarter. Arvest Bank Trust Division lifted its position in State Street Corporation by 1.1% during the second quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock valued at $17,754,000 after purchasing an additional 2,084 shares during the last quarter. Finally, Ballentine Partners LLC bought a new position in State Street Corporation during the first quarter valued at $369,000. Institutional investors and hedge funds own 87.36% of the company’s stock.
State Street Corporation (STT) traded down 0.06% on Friday, reaching $94.04. 5,229,299 shares of the company traded hands. The stock has a 50 day moving average of $93.24 and a 200-day moving average of $86.10. The stock has a market capitalization of $35.17 billion, a price-to-earnings ratio of 17.36 and a beta of 1.31. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $96.26.
State Street Corporation (NYSE:STT) last posted its earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating the Zacks’ 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 company had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. State Street Corporation’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, equities analysts anticipate that State Street Corporation will post $6.15 EPS for the current year.
State Street Corporation declared that its board has approved a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a $0.42 dividend. 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 1.79%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is presently 28.15%.
STT has been the subject of several analyst reports. Bank of America Corporation restated a “neutral” rating and issued a $88.00 target price on shares of State Street Corporation in a report on Friday, May 26th. Zacks Investment Research lowered shares of State Street Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and raised their target price for the stock from $92.00 to $100.00 in a report on Wednesday, June 28th. Keefe, Bruyette & Woods set a $93.00 target price on shares of State Street Corporation and gave the stock a “hold” rating in a report on Monday, August 28th. Finally, BidaskClub upgraded shares of State Street Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $91.50.
In other State Street Corporation news, insider Andrew Erickson sold 353 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the transaction, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amelia C. Fawcett sold 5,000 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Insiders sold 8,814 shares of company stock worth $820,385 in the last ninety days. 0.71% of the stock is currently owned by corporate insiders.
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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