Rhumbline Advisers Sells 19,134 Shares of State Street Corporation (NYSE:STT)
Rhumbline Advisers decreased its position in State Street Corporation (NYSE:STT) by 3.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 618,399 shares of the asset manager’s stock after selling 19,134 shares during the period. Rhumbline Advisers’ holdings in State Street Corporation were worth $55,489,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Hermes Investment Management Ltd. raised its stake in State Street Corporation by 36.0% in the first quarter. Hermes Investment Management Ltd. now owns 626,685 shares of the asset manager’s stock worth $49,890,000 after buying an additional 166,031 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in State Street Corporation during the first quarter worth $123,000. Rothschild Investment Corp IL raised its stake in State Street Corporation by 5.9% in the first quarter. Rothschild Investment Corp IL now owns 8,017 shares of the asset manager’s stock worth $638,000 after buying an additional 446 shares during 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 during the last quarter. Finally, DnB Asset Management AS raised its stake in State Street Corporation by 12.9% in the first quarter. DnB Asset Management AS now owns 42,832 shares of the asset manager’s stock worth $3,410,000 after buying an additional 4,900 shares during the last quarter. Hedge funds and other institutional investors own 88.62% of the company’s stock.
State Street Corporation (NYSE STT) traded down 0.05% during midday trading on Friday, hitting $92.45. The stock had a trading volume of 165,329 shares. State Street Corporation has a 12-month low of $67.55 and a 12-month high of $96.26. The company has a market cap of $34.57 billion, a price-to-earnings ratio of 17.07 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 issued its quarterly 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. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. During the same period in the previous year, the business earned $1.46 EPS. The business’s quarterly revenue was up 9.2% on a year-over-year basis. Equities analysts anticipate that State Street Corporation will post $6.13 EPS for the current year.
State Street Corporation declared that its board has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in shares. This buyback authorization authorizes the asset manager to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.82%. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s payout ratio is 28.15%.
A number of research firms recently weighed in on STT. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a research note on Thursday, July 27th. Wells Fargo & Company began coverage on shares of State Street Corporation in a research note on Wednesday. They set an “outperform” rating and a $115.00 target price on the stock. Barclays PLC upped their target price on shares of State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Buckingham Research restated a “buy” rating and set a $107.00 target price (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Finally, Keefe, Bruyette & Woods restated an “underweight” rating on shares of State Street Corporation in a research note on Thursday, July 13th. Three equities 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 given a strong buy rating to the company. State Street Corporation presently has a consensus rating of “Hold” and an average price target of $90.18.
In related news, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Joseph L. Hooley sold 5,666 shares of the business’s 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 disclosure for this sale can be found here. Insiders sold a total of 16,069 shares of company stock valued at $1,422,969 over the last quarter. Company 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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