Royce & Associates LP Has $2.16 Million Holdings in State Street Corp (STT)
Royce & Associates LP trimmed its holdings in shares of State Street Corp (NYSE:STT) by 9.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,200 shares of the asset manager’s stock after selling 2,500 shares during the quarter. Royce & Associates LP’s holdings in State Street were worth $2,160,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of STT. BlackRock Inc. boosted its holdings in State Street by 0.4% during the first quarter. BlackRock Inc. now owns 21,649,269 shares of the asset manager’s stock valued at $2,159,084,000 after acquiring an additional 84,710 shares during the period. Artisan Partners Limited Partnership boosted its holdings in State Street by 5.8% during the first quarter. Artisan Partners Limited Partnership now owns 5,338,389 shares of the asset manager’s stock valued at $532,398,000 after acquiring an additional 294,789 shares during the period. Fayez Sarofim & Co boosted its holdings in State Street by 8.5% during the first quarter. Fayez Sarofim & Co now owns 3,045,545 shares of the asset manager’s stock valued at $303,732,000 after acquiring an additional 239,843 shares during the period. Old Mutual Global Investors UK Ltd. boosted its holdings in State Street by 36.8% during the first quarter. Old Mutual Global Investors UK Ltd. now owns 2,349,459 shares of the asset manager’s stock valued at $234,311,000 after acquiring an additional 631,562 shares during the period. Finally, Coho Partners Ltd. boosted its holdings in State Street by 3.0% during the second quarter. Coho Partners Ltd. now owns 1,623,977 shares of the asset manager’s stock valued at $151,176,000 after acquiring an additional 46,598 shares during the period. 86.66% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Jeff D. Conway sold 343 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $83.16, for a total value of $28,523.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP George E. Sullivan sold 1,611 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $83.18, for a total transaction of $134,002.98. Following the completion of the sale, the executive vice president now owns 58,847 shares of the company’s stock, valued at approximately $4,894,893.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,954 shares of company stock valued at $2,237,777. 0.40% of the stock is owned by corporate insiders.
State Street (NYSE:STT) last released its earnings results on Friday, July 20th. The asset manager reported $1.88 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.01 by ($0.13). State Street had a net margin of 19.56% and a return on equity of 14.98%. The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the business posted $1.67 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. sell-side analysts anticipate that State Street Corp will post 7.66 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Friday, September 28th. This is a boost from State Street’s previous quarterly dividend of $0.42. State Street’s dividend payout ratio (DPR) is presently 28.19%.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating in a report on Monday, May 28th. Deutsche Bank decreased their price target on shares of State Street from $116.00 to $115.00 and set a “buy” rating for the company in a report on Friday, June 29th. ValuEngine cut shares of State Street from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Morgan Stanley decreased their price target on shares of State Street from $117.00 to $113.00 and set an “equal weight” rating for the company in a report on Monday, July 2nd. Finally, Sandler O’Neill restated a “hold” rating on shares of State Street in a report on Friday, July 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. State Street has a consensus rating of “Hold” and an average target price of $105.71.
State Street Company 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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