State Street Corporation (STT) Position Held by Systematic Financial Management LP
Systematic Financial Management LP maintained its position in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,400 shares of the asset manager’s stock at the end of the second quarter. Systematic Financial Management LP’s holdings in State Street Corporation were worth $485,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Burns J W & Co. Inc. NY lifted its position in shares of State Street Corporation by 0.9% during the second quarter. Burns J W & Co. Inc. NY now owns 2,700 shares of the asset manager’s stock worth $242,000 after purchasing an additional 23 shares in the last quarter. Klingenstein Fields & Co. LLC increased its stake in shares of State Street Corporation by 0.9% during the second quarter. Klingenstein Fields & Co. LLC now owns 2,687 shares of the asset manager’s stock worth $241,000 after buying an additional 25 shares during the period. Bank of Hawaii increased its stake in shares of State Street Corporation by 0.4% during the first quarter. Bank of Hawaii now owns 8,415 shares of the asset manager’s stock worth $670,000 after buying an additional 30 shares during the period. Anchor Capital Advisors LLC increased its stake in shares of State Street Corporation by 0.3% during the first quarter. Anchor Capital Advisors LLC now owns 11,582 shares of the asset manager’s stock worth $922,000 after buying an additional 35 shares during the period. Finally, Stratos Wealth Partners LTD. increased its stake in shares of State Street Corporation by 0.4% during the second quarter. Stratos Wealth Partners LTD. now owns 9,117 shares of the asset manager’s stock worth $818,000 after buying an additional 40 shares during the period. 87.33% of the stock is currently owned by institutional investors.
Shares of State Street Corporation (STT) opened at 95.68 on Wednesday. The stock has a 50 day moving average price of $93.36 and a 200 day moving average price of $86.39. State Street Corporation has a one year low of $68.16 and a one year high of $96.26. The firm has a market cap of $35.78 billion, a price-to-earnings ratio of 17.67 and a beta of 1.31.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating 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 firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. During the same period last year, the firm posted $1.46 EPS. The business’s revenue was up 9.2% on a year-over-year basis. On average, equities research analysts forecast that State Street Corporation will post $6.15 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. 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 1.76%. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s dividend payout ratio (DPR) is 28.15%.
State Street Corporation declared that its board has authorized a stock 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 purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In related news, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Erickson sold 353 shares of State Street Corporation 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 sale, the insider now directly owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The disclosure for this sale can be found here. Insiders sold a total of 8,814 shares of company stock valued at $820,385 over the last three months. Insiders own 0.71% of the company’s stock.
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STT has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a research note on Thursday, July 27th. Buckingham Research restated a “buy” rating and set a $107.00 target price (up from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. UBS AG raised State Street Corporation from a “neutral” rating to a “buy” rating and increased their price target for the stock from $86.00 to $92.00 in a report on Monday, June 5th. Finally, Goldman Sachs Group, Inc. (The) raised State Street Corporation from a “buy” rating to a “conviction-buy” rating and increased their price target for the stock from $92.00 to $100.00 in a report on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. State Street Corporation presently has an average rating of “Hold” and a consensus price target of $92.50.
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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