Pictet Asset Management Ltd. Sells 5,200 Shares of State Street Corporation (STT)
Pictet Asset Management Ltd. lowered its stake in State Street Corporation (NYSE:STT) by 1.7% during the second quarter, Holdings Channel reports. The fund owned 292,871 shares of the asset manager’s stock after selling 5,200 shares during the period. Pictet Asset Management Ltd.’s holdings in State Street Corporation were worth $23,857,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Salem Investment Counselors Inc. increased its position in shares of State Street Corporation by 2,677.8% in the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after buying an additional 964 shares during the last quarter. NEXT Financial Group Inc increased its position in shares of State Street Corporation by 5.5% in the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after buying an additional 75 shares during the last quarter. FTB Advisors Inc. increased its position in shares of State Street Corporation by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock valued at $127,000 after buying an additional 207 shares during the last quarter. State of Alaska Department of Revenue bought a new position in shares of State Street Corporation during the first quarter valued at approximately $123,000. Finally, Pinnacle Bank bought a new position in shares of State Street Corporation during the first quarter valued at approximately $129,000. 88.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of State Street Corporation (NYSE: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 has a 50-day moving average price of $91.69 and a 200-day moving average price of $83.51.
State Street Corporation (NYSE:STT) last posted its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. State Street Corporation’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. On average, equities analysts anticipate that State Street Corporation will post $6.13 EPS for the current year.
State Street Corporation declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that allows the company to buyback $1.40 billion in shares. This buyback authorization allows the asset manager to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a dividend of $0.42 per share. 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 dividend yield of 1.82%. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s dividend payout ratio is currently 28.15%.
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Several brokerages have commented on STT. UBS AG raised State Street Corporation from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $86.00 to $92.00 in a report on Monday, June 5th. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Tuesday, July 11th. Wells Fargo & Company began coverage on State Street Corporation in a report on Wednesday. They set an “outperform” rating and a $115.00 target price on the stock. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $87.00 target price on shares of State Street Corporation in a report on Monday, June 19th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $90.18.
In other State Street Corporation news, Chairman Joseph L. Hooley sold 5,666 shares of the firm’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Amelia C. Fawcett sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,069 shares of company stock valued at $1,422,969. 0.64% of the stock is currently owned by company 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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