Municipal Employees Retirement System of Michigan Sells 6,420 Shares of State Street Corporation (NYSE:STT)
Municipal Employees Retirement System of Michigan cut its position in shares of State Street Corporation (NYSE:STT) by 35.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,730 shares of the asset manager’s stock after selling 6,420 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in State Street Corporation were worth $1,053,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Pinnacle Bank bought a new position in State Street Corporation during the first quarter worth about $129,000. Vanguard Group Inc. raised its position 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 during the period. Ledyard National Bank raised its position 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 during the period. CAPROCK Group Inc. raised its position 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 during the period. Finally, State of Wisconsin Investment Board raised its position 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 during the period. Hedge funds and other institutional investors own 88.62% of the company’s stock.
Shares of State Street Corporation (NYSE STT) opened at 92.50 on Friday. The stock’s 50 day moving average price is $91.69 and its 200-day moving average price is $83.51. State Street Corporation has a 52-week low of $67.55 and a 52-week high of $96.26. The firm has a market cap of $34.59 billion, a PE ratio of 17.08 and a beta of 1.30.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping the 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 business had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter last year, the company posted $1.46 earnings per share. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, equities research analysts anticipate that State Street Corporation will post $6.13 earnings per share for the current fiscal year.
State Street Corporation declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in outstanding shares. This buyback authorization authorizes the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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 dividend of $0.42 per share. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. State Street Corporation’s dividend payout ratio (DPR) is presently 28.15%.
A number of research analysts recently issued reports on STT shares. Barclays PLC lifted their target price on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Bank of America Corporation reiterated a “neutral” rating and issued a $88.00 target price on shares of State Street Corporation in a report on Friday, May 26th. Deutsche Bank AG decreased their target price on State Street Corporation from $84.00 to $81.00 and set a “hold” rating for the company in a report on Tuesday, April 18th. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price for the company in a report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. State Street Corporation has an average rating of “Hold” and an average price target of $90.18.
In other news, insider George E. Sullivan sold 2,718 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $81.81, for a total transaction of $222,359.58. Following the transaction, the insider now owns 73,090 shares of the company’s stock, valued at $5,979,492.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 2,656 shares of the stock in a transaction dated 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 have sold 16,069 shares of company stock worth $1,422,969 in the last ninety days. Corporate insiders own 0.64% of the company’s stock.
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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