State Street Corporation (STT) Shares Sold by Dupont Capital Management Corp
Dupont Capital Management Corp lowered its position in shares of State Street Corporation (NYSE:STT) by 26.0% during the second quarter, Holdings Channel reports. The fund owned 55,891 shares of the asset manager’s stock after selling 19,625 shares during the period. Dupont Capital Management Corp’s holdings in State Street Corporation were worth $5,015,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock worth $1,640,284,000 after buying an additional 19,729,678 shares during the last quarter. Longview Partners Guernsey LTD bought a new position in shares of State Street Corporation during the first quarter worth about $340,683,000. Boston Partners increased its position in shares of State Street Corporation by 48.7% in the first quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock worth $385,723,000 after buying an additional 1,587,871 shares during the last quarter. Vanguard Group Inc. increased its position in shares of 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 last quarter. Finally, Thrivent Financial For Lutherans increased its position in shares of State Street Corporation by 6,361.2% in the first quarter. Thrivent Financial For Lutherans now owns 819,920 shares of the asset manager’s stock worth $65,274,000 after buying an additional 807,230 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors and hedge funds.
State Street Corporation (NYSE:STT) opened at 93.82 on Wednesday. The company has a market cap of $35.08 billion, a PE ratio of 17.32 and a beta of 1.30. The firm’s 50-day moving average is $92.13 and its 200 day moving average is $83.92. State Street Corporation has a 1-year low of $67.55 and a 1-year high of $96.26.
State Street Corporation (NYSE:STT) last posted its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. Analysts predict that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
State Street Corporation announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $1.40 billion in outstanding shares. This buyback authorization allows the asset manager to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Friday, September 29th. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is 28.15%.
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A number of research analysts have issued reports on STT shares. Bank of America Corporation reissued a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a research report on Friday, May 26th. Goldman Sachs Group, Inc. (The) boosted their price objective on shares of State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, May 1st. Deutsche Bank AG reduced their price objective on shares of State Street Corporation from $81.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 24th. Keefe, Bruyette & Woods set a $88.00 price objective on shares of State Street Corporation and gave the company a “hold” rating in a research report on Wednesday, April 26th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $86.00 price objective on shares of State Street Corporation in a research report on Friday, June 23rd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $90.18.
In other news, Chairman Joseph L. Hooley sold 5,666 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $497,928.08. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. Insiders sold 16,522 shares of company stock worth $1,494,397 in the last quarter. 0.64% of the stock is owned by insiders.
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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