State Street Corporation (STT) Shares Bought by Sustainable Growth Advisers LP
Sustainable Growth Advisers LP increased its position in State Street Corporation (NYSE:STT) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,737,147 shares of the asset manager’s stock after buying an additional 20,278 shares during the period. State Street Corporation makes up about 2.3% of Sustainable Growth Advisers LP’s portfolio, making the stock its 23rd largest position. Sustainable Growth Advisers LP owned approximately 0.46% of State Street Corporation worth $155,874,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of STT. Burns J W & Co. Inc. NY raised its position in shares of State Street Corporation by 0.9% in the second quarter. Burns J W & Co. Inc. NY now owns 2,700 shares of the asset manager’s stock worth $242,000 after buying an additional 23 shares during the last quarter. Klingenstein Fields & Co. LLC raised its position in State Street Corporation by 0.9% in the second quarter. Klingenstein Fields & Co. LLC now owns 2,687 shares of the asset manager’s stock valued at $241,000 after buying an additional 25 shares in the last quarter. Bank of Hawaii raised its position in State Street Corporation by 0.4% in the first quarter. Bank of Hawaii now owns 8,415 shares of the asset manager’s stock valued at $670,000 after buying an additional 30 shares in the last quarter. Anchor Capital Advisors LLC raised its position in State Street Corporation by 0.3% in the first quarter. Anchor Capital Advisors LLC now owns 11,582 shares of the asset manager’s stock valued at $922,000 after buying an additional 35 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in State Street Corporation by 0.4% in the second quarter. Stratos Wealth Partners LTD. now owns 9,117 shares of the asset manager’s stock valued at $818,000 after buying an additional 40 shares in the last quarter. 87.34% of the stock is currently owned by hedge funds and other institutional investors.
State Street Corporation (NYSE STT) traded up 1.06% during trading on Friday, hitting $93.47. 234,200 shares of the stock traded hands. The stock has a market cap of $34.95 billion, a P/E ratio of 17.26 and a beta of 1.30. The stock has a 50 day moving average price of $92.91 and a 200-day moving average price of $85.17. State Street Corporation has a 52-week low of $68.16 and a 52-week high of $96.26.
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, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter last year, the company earned $1.46 EPS. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, analysts anticipate that State Street Corporation will post $6.15 EPS for the current fiscal year.
State Street Corporation declared that its board 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 buy up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership 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 paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.82%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio (DPR) is currently 28.15%.
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Several research firms recently commented on STT. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a report on Wednesday. Keefe, Bruyette & Woods set a $93.00 target price on shares of State Street Corporation and gave the company a “hold” rating in a report on Monday. Wells Fargo & Company began coverage on shares of State Street Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price on the stock. Barclays PLC increased their target price on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Finally, Buckingham Research reaffirmed a “buy” rating and set a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $90.41.
In other State Street Corporation news, Chairman Joseph L. Hooley sold 5,666 shares of the firm’s stock in a transaction on Tuesday, June 13th. The stock was 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 SEC, which is accessible through this hyperlink. Also, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the transaction, the insider now owns 21,170 shares in the company, valued at approximately $1,969,021.70. The disclosure for this sale can be found here. Insiders sold a total of 17,136 shares of company stock worth $1,551,722 in the last three months. 0.71% of the stock is owned by corporate 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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