Canada Pension Plan Investment Board Has $63.85 Million Position in State Street Corporation (NYSE:STT)
Canada Pension Plan Investment Board boosted its position in shares of State Street Corporation (NYSE:STT) by 14.8% during the second quarter, Holdings Channel reports. The institutional investor owned 711,541 shares of the asset manager’s stock after buying an additional 92,000 shares during the period. Canada Pension Plan Investment Board’s holdings in State Street Corporation were worth $63,847,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Bank purchased a new stake in State Street Corporation during the first quarter worth $129,000. Vanguard Group Inc. raised 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 worth $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. Ledyard National Bank raised its stake in State Street Corporation by 72.0% in the first quarter. Ledyard National Bank now owns 3,368 shares of the asset manager’s stock worth $268,000 after buying an additional 1,410 shares in the last quarter. CAPROCK Group Inc. raised its stake in State Street Corporation by 2.3% in the first quarter. CAPROCK Group Inc. now owns 3,651 shares of the asset manager’s stock worth $291,000 after buying an additional 81 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its stake in State Street Corporation by 4.2% in the first quarter. State of Wisconsin Investment Board now owns 452,712 shares of the asset manager’s stock worth $36,040,000 after buying an additional 18,391 shares in the last quarter. Institutional investors and hedge funds own 88.62% of the company’s stock.
Shares of State Street Corporation (STT) opened at 92.50 on Friday. State Street Corporation has a 12 month low of $67.55 and a 12 month high of $96.26. The company has a market capitalization of $34.59 billion, a price-to-earnings ratio of 17.08 and a beta of 1.30. The company’s 50-day moving average is $91.69 and its 200 day moving average is $83.51.
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 Thomson Reuters’ consensus estimate 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 for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the prior year, the company earned $1.46 EPS. State Street Corporation’s quarterly revenue was up 9.2% on a year-over-year basis. On average, equities research analysts anticipate that State Street Corporation will post $6.13 earnings per share for the current year.
State Street Corporation declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management 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 issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Friday, September 29th. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is 28.15%.
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A number of analysts have weighed in on STT shares. Barclays PLC raised their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Bank of America Corporation restated a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a research note on Friday, May 26th. Deutsche Bank AG reduced their price target on shares of State Street Corporation from $84.00 to $81.00 and set a “hold” rating for the company in a research note on Tuesday, April 18th. BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $90.18.
In related 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider George E. Sullivan sold 2,718 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total transaction of $222,359.58. Following the completion of the transaction, the insider now owns 73,090 shares in the company, valued at approximately $5,979,492.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,069 shares of company stock worth $1,422,969. 0.64% of the stock is owned by corporate insiders.
State Street Corporation Company Profile
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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