New Mexico Educational Retirement Board reduced its position in State Street Corporation (NYSE:STT) by 9.9% during the second quarter, Holdings Channel reports. The institutional investor owned 32,828 shares of the asset manager’s stock after selling 3,600 shares during the period. New Mexico Educational Retirement Board’s holdings in State Street Corporation were worth $3,061,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Highbridge Capital Management LLC bought a new position in shares of State Street Corporation during the fourth quarter worth $617,000. Raymond James Trust N.A. acquired a new stake in State Street Corporation during the first quarter worth $257,000. Creative Planning increased its stake in State Street Corporation by 10.1% in the first quarter. Creative Planning now owns 12,692 shares of the asset manager’s stock worth $1,010,000 after buying an additional 1,167 shares during the period. Gulf International Bank UK Ltd increased its stake in State Street Corporation by 1.2% in the first quarter. Gulf International Bank UK Ltd now owns 122,352 shares of the asset manager’s stock worth $9,740,000 after buying an additional 1,500 shares during the period. Finally, Ipswich Investment Management Co. Inc. acquired a new stake in State Street Corporation during the first quarter worth $202,000. 88.62% of the stock is owned by institutional investors.

Shares of State Street Corporation (NYSE:STT) opened at 94.28 on Thursday. State Street Corporation has a 52 week low of $67.55 and a 52 week high of $96.26. The firm has a 50-day moving average of $91.60 and a 200 day moving average of $83.44. The company has a market cap of $35.27 billion, a P/E ratio of 17.41 and a beta of 1.30.

State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (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 firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same quarter last year, the business earned $1.46 EPS. The company’s revenue was up 9.2% compared to the same quarter last year. Equities analysts anticipate that State Street Corporation will post $6.13 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders 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. The ex-dividend date is Friday, September 29th. This represents a $1.68 annualized dividend and a yield of 1.78%. State Street Corporation’s dividend payout ratio (DPR) is presently 28.15%.

State Street Corporation announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in shares. This repurchase authorization authorizes the asset manager to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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A number of equities research analysts recently weighed in on STT shares. Buckingham Research reissued a “buy” rating and set a $107.00 price target (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Goldman Sachs Group, Inc. (The) boosted their price target on shares of State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. BidaskClub raised shares of State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. UBS AG raised shares of State Street Corporation from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $86.00 to $92.00 in a research note on Monday, June 5th. Finally, Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Tuesday, July 11th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and two have given a strong buy rating to the company. State Street Corporation presently has an average rating of “Hold” and a consensus target price of $88.63.

In other State Street Corporation news, Director Amelia C. Fawcett sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were 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 hyperlink. Also, insider George E. Sullivan sold 2,718 shares of the firm’s 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 transaction, the insider now owns 73,090 shares of the company’s stock, valued at approximately $5,979,492.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,069 shares of company stock valued at $1,422,969. Company insiders own 0.64% 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.

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

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