Arizona State Retirement System Reduces Stake in State Street Corporation (STT)
Arizona State Retirement System lowered its position in State Street Corporation (NYSE:STT) by 1.4% during the second quarter, Holdings Channel reports. The fund owned 87,674 shares of the asset manager’s stock after selling 1,200 shares during the period. Arizona State Retirement System’s holdings in State Street Corporation were worth $7,867,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in STT. BlackRock Inc. boosted its position in shares of 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 worth $1,640,284,000 after buying an additional 19,729,678 shares during the last quarter. Longview Partners Guernsey LTD acquired a new position in shares of State Street Corporation during the first quarter worth about $340,683,000. Boston Partners boosted its position in shares of State Street Corporation by 48.7% in the first quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock worth $385,723,000 after buying an additional 1,587,871 shares during the last quarter. Vanguard Group Inc. boosted its position 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 buying an additional 1,180,527 shares during the last quarter. Finally, Thrivent Financial For Lutherans boosted its position in shares of 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 worth $65,274,000 after buying an additional 807,230 shares during the last quarter. Institutional investors own 88.62% of the company’s stock.
Shares of State Street Corporation (NYSE STT) opened at 92.08 on Friday. State Street Corporation has a 12-month low of $68.16 and a 12-month high of $96.26. The stock has a market capitalization of $34.43 billion, a P/E ratio of 17.00 and a beta of 1.30. The company has a 50-day moving average of $91.78 and a 200-day moving average of $83.61.
State Street Corporation (NYSE:STT) last posted its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. The business’s quarterly revenue was up 9.2% on a year-over-year basis. Equities analysts expect that State Street Corporation will post $6.13 earnings per share for the current fiscal year.
The business 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 $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.82%. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. State Street Corporation’s dividend payout ratio is 28.15%.
State Street Corporation announced that its board has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have issued reports on STT shares. Bank of America Corporation restated a “neutral” rating and set a $88.00 target price on shares of State Street Corporation in a research report on Friday, May 26th. Goldman Sachs Group, Inc. (The) lifted their target price on shares of State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, May 1st. Deutsche Bank AG cut their target price on shares of State Street Corporation from $81.00 to $80.00 and set a “hold” rating for the company in a research report on Monday, April 24th. Keefe, Bruyette & Woods set a $88.00 target price on shares of State Street Corporation and gave the stock a “hold” rating in a research report on Wednesday, April 26th. Finally, Buckingham Research restated a “buy” rating and set a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $90.18.
In other news, Chairman Joseph L. Hooley sold 5,666 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $497,928.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey N. Carp sold 2,656 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $233,409.28. The disclosure for this sale can be found here. Insiders sold 16,069 shares of company stock valued at $1,422,969 over the last three months. 0.64% of the stock is owned by 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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