ARGA Investment Management LP Boosts Position in State Street Corporation (STT)
ARGA Investment Management LP boosted its stake in shares of State Street Corporation (NYSE:STT) by 86.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 34,800 shares of the asset manager’s stock after buying an additional 16,100 shares during the period. State Street Corporation comprises about 0.4% of ARGA Investment Management LP’s portfolio, making the stock its 28th largest position. ARGA Investment Management LP’s holdings in State Street Corporation were worth $3,122,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock valued at $1,640,284,000 after buying an additional 19,729,678 shares during the last quarter. Longview Partners Guernsey LTD purchased a new stake in State Street Corporation during the first quarter valued at $340,683,000. Boston Partners boosted its stake in State Street Corporation by 48.7% in the first quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock valued at $385,723,000 after buying an additional 1,587,871 shares during the last quarter. Vanguard Group Inc. boosted its stake in 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 valued at $1,876,730,000 after buying an additional 1,180,527 shares during the last quarter. Finally, Thrivent Financial For Lutherans boosted its stake in State Street Corporation by 6,361.2% in the first quarter. Thrivent Financial For Lutherans now owns 819,920 shares of the asset manager’s stock valued at $65,274,000 after buying an additional 807,230 shares during the last quarter. 87.34% of the stock is currently owned by institutional investors and hedge funds.
Shares of State Street Corporation (STT) traded up 0.23% during midday trading on Thursday, reaching $92.61. 140,664 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $92.74 and its 200 day moving average is $84.75. The firm has a market cap of $34.63 billion, a PE ratio of 17.10 and a beta of 1.30. State Street Corporation has a one year low of $68.16 and a one year high of $96.26.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. State Street Corporation’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. Analysts anticipate that State Street Corporation will post $6.15 EPS for the current year.
State Street Corporation announced that its board has approved a stock 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 buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.82%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is currently 28.15%.
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STT has been the topic of a number of analyst reports. Bank of America Corporation reissued a “neutral” rating and issued a $88.00 price target on shares of State Street Corporation in a research report on Friday, May 26th. Goldman Sachs Group Inc raised State Street Corporation from a “buy” rating to a “conviction-buy” rating and boosted their price target for the stock from $92.00 to $100.00 in a research report on Wednesday, June 28th. Royal Bank Of Canada reissued a “hold” rating and issued a $86.00 price target on shares of State Street Corporation in a research report on Friday, June 23rd. BidaskClub raised State Street Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 22nd. Finally, Buckingham Research reissued a “buy” rating and issued a $107.00 price target (up from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $90.41.
In related news, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $93.38, for a total transaction of $466,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 transaction of $296,160.00. Following the sale, the insider now owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,136 shares of company stock valued at $1,551,722. 0.71% of the stock is owned by company insiders.
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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