State Street Corporation (STT) Position Reduced by Thrivent Financial For Lutherans
Thrivent Financial For Lutherans reduced its position in shares of State Street Corporation (NYSE:STT) by 0.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 816,735 shares of the asset manager’s stock after selling 3,185 shares during the quarter. Thrivent Financial For Lutherans owned approximately 0.22% of State Street Corporation worth $73,286,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in 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 buying an additional 1,180,527 shares during the last quarter. BlackRock Inc. raised its holdings in 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 buying an additional 19,729,678 shares during the last quarter. FMR LLC raised its holdings in State Street Corporation by 3.5% during the 1st 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 last quarter. Longview Partners Guernsey LTD raised its holdings in State Street Corporation by 76.9% during the 2nd 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 last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its holdings in State Street Corporation by 9.0% during the 1st 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 last quarter. Institutional investors own 87.36% of the company’s stock.
A number of research firms recently commented on STT. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a report on Thursday, July 27th. Wells Fargo & Company assumed coverage on shares of State Street Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 price objective for the company. Barclays PLC upped their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. Keefe, Bruyette & Woods set a $93.00 price objective on shares of State Street Corporation and gave the stock a “hold” rating in a report on Monday, August 28th. Finally, Buckingham Research restated a “buy” rating and issued a $107.00 price objective (up from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $91.50.
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In other news, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $92.55, for a total transaction of $296,160.00. Following the sale, the insider now owns 39,896 shares in the company, valued at $3,692,374.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction dated 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 have sold 8,814 shares of company stock worth $820,385 in the last 90 days. Insiders own 0.71% of the company’s stock.
Shares of State Street Corporation (STT) traded down 0.06% during mid-day trading on Friday, reaching $94.04. 5,229,299 shares of the company traded hands. The stock has a market capitalization of $35.17 billion, a PE ratio of 17.36 and a beta of 1.31. The firm has a 50 day moving average of $93.24 and a 200-day moving average of $86.10. State Street Corporation has a 52 week low of $68.16 and a 52 week high of $96.26.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The company’s revenue was up 9.2% on a year-over-year basis. On average, equities research analysts expect that State Street Corporation will post $6.15 EPS for the current fiscal year.
State Street Corporation announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $1.40 billion in outstanding shares. This buyback authorization allows the asset manager to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a dividend of $0.42 per share. This is a positive change 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 dividend yield of 1.79%. State Street Corporation’s payout ratio is presently 28.15%.
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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