State Street Corporation (STT) Stake Lessened by Suntrust Banks Inc.
Suntrust Banks Inc. decreased its position in State Street Corporation (NYSE:STT) by 28.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 62,706 shares of the asset manager’s stock after selling 24,865 shares during the period. Suntrust Banks Inc.’s holdings in State Street Corporation were worth $5,625,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Commonwealth Bank of Australia grew its holdings in shares of State Street Corporation by 5.8% in the second quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock worth $5,490,000 after purchasing an additional 3,365 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after purchasing an additional 1,180,527 shares during the last quarter. Pennsylvania Trust Co grew its holdings in shares of State Street Corporation by 6.5% in the second quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock worth $361,000 after purchasing an additional 240 shares during the last quarter. Delta Lloyd Asset Management N.V. bought a new position in shares of State Street Corporation in the second quarter worth approximately $4,730,000. Finally, Arvest Bank Trust Division grew its holdings in shares of State Street Corporation by 1.1% in the second quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock worth $17,754,000 after purchasing an additional 2,084 shares during the last quarter. Hedge funds and other institutional investors own 87.33% of the company’s stock.
Several brokerages have recently issued reports on STT. Buckingham Research restated a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Keefe, Bruyette & Woods set a $88.00 target price on shares of State Street Corporation and gave the stock a “hold” rating in a report on Saturday, July 1st. BidaskClub upgraded shares of State Street Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. UBS AG upgraded shares of State Street Corporation from a “neutral” rating to a “buy” rating and lifted their price target for the company from $86.00 to $92.00 in a report on Monday, June 5th. Finally, Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. State Street Corporation presently has a consensus rating of “Hold” and an average target price of $93.80.
In other news, insider Andrew Erickson sold 353 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the transaction, the insider now owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $92.55, for a total value of $296,160.00. Following the transaction, the insider now directly owns 39,896 shares in the company, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. Insiders have sold a total of 8,814 shares of company stock worth $820,385 in the last three months. Corporate insiders own 0.71% of the company’s stock.
Shares of State Street Corporation (STT) traded down 0.41% during trading on Friday, reaching $95.56. The company’s stock had a trading volume of 1,599,722 shares. State Street Corporation has a one year low of $68.16 and a one year high of $96.26. The stock has a market cap of $35.74 billion, a price-to-earnings ratio of 17.64 and a beta of 1.31. The company has a 50-day moving average price of $93.36 and a 200-day moving average price of $86.39.
State Street Corporation (NYSE:STT) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating the Thomson Reuters’ 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 company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the prior year, the company posted $1.46 EPS. State Street Corporation’s quarterly revenue was up 9.2% on a year-over-year basis. On average, equities research analysts forecast that State Street Corporation will post $6.16 earnings per share for the current fiscal year.
State Street Corporation declared that its board has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $1.40 billion in outstanding shares. This buyback authorization permits the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. State Street Corporation’s dividend payout ratio is presently 28.15%.
About State Street Corporation
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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