Capital Fund Management S.A. Has $23.82 Million Stake in State Street Corp (STT)
Capital Fund Management S.A. increased its holdings in State Street Corp (NYSE:STT) by 47.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 255,865 shares of the asset manager’s stock after buying an additional 82,100 shares during the period. Capital Fund Management S.A. owned 0.07% of State Street worth $23,818,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Voya Investment Management LLC grew its stake in shares of State Street by 4.9% during the second quarter. Voya Investment Management LLC now owns 241,396 shares of the asset manager’s stock worth $22,472,000 after buying an additional 11,252 shares during the last quarter. Vulcan Value Partners LLC grew its stake in shares of State Street by 4.3% in the second quarter. Vulcan Value Partners LLC now owns 4,952,036 shares of the asset manager’s stock worth $460,985,000 after purchasing an additional 205,964 shares during the last quarter. Raymond James & Associates grew its stake in shares of State Street by 12.3% in the second quarter. Raymond James & Associates now owns 170,959 shares of the asset manager’s stock worth $15,915,000 after purchasing an additional 18,735 shares during the last quarter. Tocqueville Asset Management L.P. grew its stake in shares of State Street by 134.1% in the second quarter. Tocqueville Asset Management L.P. now owns 10,980 shares of the asset manager’s stock worth $1,022,000 after purchasing an additional 6,290 shares during the last quarter. Finally, BB&T Securities LLC grew its stake in shares of State Street by 1.9% in the second quarter. BB&T Securities LLC now owns 137,110 shares of the asset manager’s stock worth $12,763,000 after purchasing an additional 2,561 shares during the last quarter. Institutional investors own 86.66% of the company’s stock.
Several analysts recently weighed in on the stock. Deutsche Bank reduced their price objective on shares of State Street from $116.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, June 29th. Jefferies Financial Group reissued a “hold” rating and issued a $91.00 price objective on shares of State Street in a research note on Tuesday, July 24th. ValuEngine raised shares of State Street from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Morgan Stanley raised shares of State Street from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $109.00 to $115.00 in a research note on Tuesday. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $100.00 price objective on shares of State Street in a research note on Monday, July 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. State Street presently has an average rating of “Hold” and a consensus target price of $105.71.
State Street (NYSE:STT) last released its earnings results on Friday, July 20th. The asset manager reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.01 by ($0.13). The firm had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3.05 billion. State Street had a net margin of 19.56% and a return on equity of 14.98%. State Street’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.67 EPS. equities analysts anticipate that State Street Corp will post 7.67 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be issued a $0.47 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, September 28th. This represents a $1.88 annualized dividend and a yield of 2.18%. State Street’s payout ratio is presently 28.19%.
In related news, EVP George E. Sullivan sold 1,611 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $83.18, for a total value of $134,002.98. Following the transaction, the executive vice president now owns 58,847 shares in the company, valued at $4,894,893.46. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $83.01, for a total transaction of $2,075,250.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,954 shares of company stock worth $2,237,777. 0.40% of the stock is owned by company insiders.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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