Rafferty Asset Management LLC Cuts Stake in State Street Corporation (STT)
Rafferty Asset Management LLC lowered its stake in shares of State Street Corporation (NYSE:STT) by 22.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,602 shares of the asset manager’s stock after selling 16,043 shares during the period. Rafferty Asset Management LLC’s holdings in State Street Corporation were worth $4,989,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. boosted its position in State Street Corporation by 2,677.8% during the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock worth $131,000 after acquiring an additional 964 shares during the last quarter. Parallel Advisors LLC boosted its position in State Street Corporation by 18.0% during the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after acquiring an additional 172 shares during the last quarter. Penserra Capital Management LLC acquired a new position in State Street Corporation during the second quarter worth about $107,000. Bronfman E.L. Rothschild L.P. boosted its position in State Street Corporation by 15.3% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after acquiring an additional 168 shares during the last quarter. Finally, NEXT Financial Group Inc boosted its position in State Street Corporation by 5.5% during the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock worth $130,000 after acquiring an additional 75 shares during the last quarter. 87.33% of the stock is owned by institutional investors and hedge funds.
State Street Corporation (NYSE STT) traded up 0.36% during trading on Tuesday, reaching $95.10. 296,998 shares of the company’s stock traded hands. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $96.26. The firm has a market capitalization of $35.56 billion, a PE ratio of 17.56 and a beta of 1.31. The firm has a 50 day moving average of $93.29 and a 200 day moving average of $86.28.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities analysts forecast that State Street Corporation will post $6.15 EPS for the current year.
State Street Corporation announced that its board has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
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 $0.42 dividend. The ex-dividend date is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.77%. State Street Corporation’s dividend payout ratio (DPR) is currently 28.15%.
In related news, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the sale, the insider now directly 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 through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of the firm’s 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 disclosure for this sale can be found here. Insiders sold 8,814 shares of company stock worth $820,385 over the last three months. Corporate insiders own 0.71% of the company’s stock.
STT has been the topic of a number of recent research reports. Bank of America Corporation restated a “neutral” rating and set a $88.00 price target on shares of State Street Corporation in a research report on Friday, May 26th. UBS AG upgraded shares of State Street Corporation from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $86.00 to $92.00 in a research report on Monday, June 5th. BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Jefferies Group LLC restated a “hold” rating and set a $87.00 price target on shares of State Street Corporation in a research report on Monday, June 19th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $86.00 price target on shares of State Street Corporation in a research report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $92.31.
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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