State Street Corporation (STT) Position Increased by Curbstone Financial Management Corp
Curbstone Financial Management Corp lifted its position in State Street Corporation (NYSE:STT) by 92.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,900 shares of the asset manager’s stock after buying an additional 8,100 shares during the period. Curbstone Financial Management Corp’s holdings in State Street Corporation were worth $1,615,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in shares of State Street Corporation by 18.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after buying an additional 172 shares in the last quarter. Penserra Capital Management LLC bought a new stake in shares of State Street Corporation in the 2nd quarter valued at $107,000. Bronfman E.L. Rothschild L.P. increased its position in shares of State Street Corporation by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after buying an additional 168 shares in the last quarter. NEXT Financial Group Inc increased its position in shares of State Street Corporation by 5.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after buying an additional 75 shares in the last quarter. Finally, Salem Investment Counselors Inc. increased its position in shares of State Street Corporation by 2,677.8% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after buying an additional 964 shares in the last quarter. Institutional investors and hedge funds own 87.41% of the company’s stock.
STT has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Tuesday, July 11th. Buckingham Research restated a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Finally, Keefe, Bruyette & Woods set a $93.00 price objective on shares of State Street Corporation and gave the company a “hold” rating in a research report on Monday, August 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $95.07.
In other news, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Erickson sold 353 shares of the business’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 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 three months, insiders have sold 8,814 shares of company stock valued at $820,385. 0.71% of the stock is currently owned by insiders.
Shares of State Street Corporation (STT) traded up 1.44% during trading on Wednesday, hitting $98.55. The stock had a trading volume of 412,056 shares. The company has a market capitalization of $36.85 billion, a P/E ratio of 18.20 and a beta of 1.31. The firm has a 50-day moving average of $95.21 and a 200 day moving average of $88.76. State Street Corporation has a 1-year low of $68.54 and a 1-year high of $99.99.
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 consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. Equities research analysts predict that State Street Corporation will post $6.18 earnings per share for the current fiscal year.
State Street Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $1.40 billion in shares. This repurchase authorization permits the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Monday, October 2nd were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, September 29th. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. State Street Corporation’s payout ratio is presently 31.11%.
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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