Brandes Investment Partners LP Cuts Stake in State Street Corporation (STT)
Brandes Investment Partners LP decreased its position in State Street Corporation (NYSE:STT) by 15.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 1,972,682 shares of the asset manager’s stock after selling 348,758 shares during the period. State Street Corporation comprises about 2.8% of Brandes Investment Partners LP’s investment portfolio, making the stock its 4th largest position. Brandes Investment Partners LP owned 0.53% of State Street Corporation worth $177,009,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the company. Advisor Partners LLC boosted its stake in State Street Corporation by 16.0% in the first quarter. Advisor Partners LLC now owns 6,629 shares of the asset manager’s stock worth $528,000 after buying an additional 916 shares during the last quarter. Ariel Capital Advisors LLC boosted its stake in State Street Corporation by 15.3% in the first quarter. Ariel Capital Advisors LLC now owns 31,290 shares of the asset manager’s stock worth $2,491,000 after buying an additional 4,153 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in State Street Corporation by 64.2% in the first quarter. Canada Pension Plan Investment Board now owns 619,541 shares of the asset manager’s stock worth $49,322,000 after buying an additional 242,336 shares during the last quarter. Wells Fargo & Company MN boosted its stake in State Street Corporation by 15.1% in the first quarter. Wells Fargo & Company MN now owns 1,279,327 shares of the asset manager’s stock worth $101,847,000 after buying an additional 167,824 shares during the last quarter. Finally, Barrett Asset Management LLC boosted its stake in State Street Corporation by 4.5% in the first quarter. Barrett Asset Management LLC now owns 199,495 shares of the asset manager’s stock worth $15,882,000 after buying an additional 8,675 shares during the last quarter. Institutional investors own 87.34% of the company’s stock.
State Street Corporation (STT) traded up 1.14% during trading on Friday, hitting $93.54. The stock had a trading volume of 176,070 shares. The stock has a 50 day moving average price of $92.91 and a 200-day moving average price of $85.17. The stock has a market cap of $34.98 billion, a price-to-earnings ratio of 17.27 and a beta of 1.30. State Street Corporation has a 12 month low of $68.16 and a 12 month high of $96.26.
State Street Corporation (NYSE:STT) last issued its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. State Street Corporation’s revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. On average, equities analysts predict that State Street Corporation will post $6.15 EPS for the current year.
State Street Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 29th. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a yield of 1.82%. State Street Corporation’s payout ratio is 28.15%.
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Several equities research analysts recently weighed in on the company. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a report on Thursday, July 27th. Wells Fargo & Company assumed coverage on State Street Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 price objective for the company. Barclays PLC lifted their price objective on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. Keefe, Bruyette & Woods set a $93.00 price objective on State Street Corporation and gave the stock a “hold” rating in a report on Monday. Finally, Buckingham Research reissued a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $90.41.
In other State Street Corporation news, EVP Jeffrey N. Carp sold 2,656 shares of State Street Corporation stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $233,409.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of State Street Corporation stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the sale, the insider now directly owns 39,896 shares of the company’s stock, valued at $3,692,374.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,136 shares of company stock valued at $1,551,722. 0.71% of the stock is currently owned by corporate 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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