Private Advisor Group LLC Decreases Holdings in State Street Corporation (STT)
Private Advisor Group LLC lessened its stake in shares of State Street Corporation (NYSE:STT) by 5.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,644 shares of the asset manager’s stock after selling 147 shares during the quarter. Private Advisor Group LLC’s holdings in State Street Corporation were worth $242,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Parallel Advisors LLC grew its stake in shares of State Street Corporation by 18.0% in the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after purchasing an additional 172 shares during the last quarter. Penserra Capital Management LLC bought a new stake in shares of State Street Corporation in the second quarter worth $107,000. Bronfman E.L. Rothschild L.P. grew its stake in shares of State Street Corporation by 15.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after purchasing an additional 168 shares during the last quarter. NEXT Financial Group Inc grew its stake in shares of State Street Corporation by 5.5% in the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock worth $130,000 after purchasing an additional 75 shares during the last quarter. Finally, Salem Investment Counselors Inc. grew its stake in shares of State Street Corporation by 2,677.8% in the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock worth $131,000 after purchasing an additional 964 shares during the last quarter. 87.33% of the stock is currently owned by hedge funds and other institutional investors.
State Street Corporation (NYSE:STT) opened at 95.95 on Friday. The firm has a market cap of $35.88 billion, a price-to-earnings ratio of 17.72 and a beta of 1.31. The company has a 50-day moving average of $93.36 and a 200 day moving average of $86.39. State Street Corporation has a 12-month low of $68.16 and a 12-month high of $96.39.
State Street Corporation (NYSE:STT) last posted its earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the Thomson Reuters’ 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 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 company posted $1.46 EPS. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities analysts expect that State Street Corporation will post $6.15 EPS for the current fiscal year.
State Street Corporation announced that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.75%. 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. State Street Corporation’s dividend payout ratio (DPR) is currently 28.15%.
Several analysts recently weighed in on STT shares. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price objective on the stock in a research note on Thursday, July 27th. Buckingham Research reissued a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. BidaskClub raised shares of State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. UBS AG raised shares of State Street Corporation from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $86.00 to $92.00 in a research note on Monday, June 5th. Finally, Goldman Sachs Group, Inc. (The) raised shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and boosted their price objective for the stock from $92.00 to $100.00 in a research note on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. State Street Corporation presently has a consensus rating of “Hold” and an average target price of $92.50.
In other news, Director Amelia C. Fawcett sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of 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. Over the last ninety days, insiders sold 8,814 shares of company stock valued at $820,385. Corporate insiders own 0.71% of the company’s stock.
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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