State Street Corporation (STT) Stake Maintained by Regis Management CO LLC
Regis Management CO LLC held its position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,900 shares of the asset manager’s stock at the close of the second quarter. Regis Management CO LLC’s holdings in State Street Corporation were worth $260,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of STT. UBS Asset Management Americas Inc. lifted its holdings in State Street Corporation by 6.3% in the first quarter. UBS Asset Management Americas Inc. now owns 1,096,927 shares of the asset manager’s stock worth $87,326,000 after acquiring an additional 65,352 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of State Street Corporation by 2.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 22,618 shares of the asset manager’s stock worth $1,801,000 after purchasing an additional 637 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of State Street Corporation by 8.0% in the 1st quarter. Pacer Advisors Inc. now owns 8,241 shares of the asset manager’s stock worth $656,000 after purchasing an additional 612 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of State Street Corporation in the 1st quarter worth approximately $220,000. Finally, Peapack Gladstone Financial Corp lifted its holdings in shares of State Street Corporation by 3.7% in the 1st quarter. Peapack Gladstone Financial Corp now owns 3,383 shares of the asset manager’s stock worth $269,000 after purchasing an additional 122 shares during the last quarter. 87.42% of the stock is owned by institutional investors and hedge funds.
State Street Corporation (NYSE STT) traded up 0.86% on Wednesday, reaching $97.82. The company had a trading volume of 296,997 shares. State Street Corporation has a 12 month low of $68.16 and a 12 month high of $97.86. The firm has a 50 day moving average price of $93.88 and a 200-day moving average price of $87.55. The stock has a market capitalization of $36.58 billion, a price-to-earnings ratio of 18.06 and a beta of 1.31.
State Street Corporation (NYSE:STT) last released its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The business had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. Analysts forecast that State Street Corporation will post $6.16 earnings per share for the current fiscal year.
State Street Corporation announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that permits the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization permits the asset manager to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. State Street Corporation’s dividend payout ratio (DPR) is presently 31.11%.
Several equities research analysts have weighed in on STT shares. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Jefferies Group LLC restated a “hold” rating and set a $87.00 price target on shares of State Street Corporation in a research report on Monday, June 19th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $86.00 price objective on shares of State Street Corporation in a report on Friday, June 23rd. Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and lifted their price objective for the company from $92.00 to $100.00 in a research report on Wednesday, June 28th. Finally, Keefe, Bruyette & Woods set a $88.00 price target on State Street Corporation and gave the company a “hold” rating in a report on Saturday, July 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $93.80.
In other State Street Corporation news, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Hannah M. Grove sold 3,200 shares of State Street Corporation stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the completion of the sale, the insider now directly owns 39,896 shares in the company, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. Insiders sold a total of 8,814 shares of company stock worth $820,385 over the last ninety days. 0.71% of the stock is currently owned by 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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