Keybank National Association OH cut its stake in State Street Corporation (NYSE:STT) by 29.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,410 shares of the asset manager’s stock after selling 22,703 shares during the period. Keybank National Association OH’s holdings in State Street Corporation were worth $4,972,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased 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 valued at $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. BlackRock Inc. increased 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 valued at $1,640,284,000 after buying an additional 19,729,678 shares in the last quarter. FMR LLC increased its position in shares of State Street Corporation by 3.5% in the first quarter. FMR LLC now owns 18,048,219 shares of the asset manager’s stock valued at $1,436,818,000 after buying an additional 607,920 shares in the last quarter. Longview Partners Guernsey LTD increased its position in shares of State Street Corporation by 76.9% in the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock valued at $679,210,000 after buying an additional 3,290,082 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its position in shares of State Street Corporation by 9.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock valued at $418,948,000 after buying an additional 432,832 shares in the last quarter. Hedge funds and other institutional investors own 87.34% of the company’s stock.

Shares of State Street Corporation (NYSE STT) opened at 92.40 on Thursday. State Street Corporation has a one year low of $68.16 and a one year high of $96.26. The stock has a market capitalization of $34.55 billion, a PE ratio of 17.06 and a beta of 1.30. The firm’s 50-day moving average is $92.74 and its 200-day moving average is $84.75.

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 return on equity of 12.49% and a net margin of 19.97%. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same period last year, the company earned $1.46 earnings per share. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, analysts expect that State Street Corporation will post $6.15 earnings per share for the current fiscal year.

State Street Corporation announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in shares. This buyback authorization authorizes the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

The business 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 dividend of $0.42 per share. 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. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. State Street Corporation’s dividend payout ratio (DPR) is currently 28.15%.

ILLEGAL ACTIVITY WARNING: “Keybank National Association OH Has $4.97 Million Stake in State Street Corporation (STT)” was first published by Watch List News and is the property of of Watch List News. If you are accessing this story on another site, it was copied illegally and republished in violation of US & international trademark & copyright law. The correct version of this story can be read at https://www.watchlistnews.com/keybank-national-association-oh-has-4-97-million-stake-in-state-street-corporation-stt/1534023.html.

Several research analysts have recently issued reports on STT shares. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research note on Tuesday, July 11th. Buckingham Research reiterated a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Keefe, Bruyette & Woods set a $93.00 target price on shares of State Street Corporation and gave the stock a “hold” rating in a research note on Monday. Finally, Bank of America Corporation reiterated a “neutral” rating and issued a $88.00 target price on shares of State Street Corporation in a research note on Friday, May 26th. Two investment 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 stock. The company presently has an average rating of “Hold” and an average target price of $90.41.

In related news, insider Andrew Erickson sold 353 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the completion of the sale, the insider now directly owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. 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. Corporate insiders own 0.71% of the company’s stock.

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.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT).

Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

Receive News & Ratings for State Street Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.