TD Asset Management Inc. increased its stake in shares of State Street Corporation (NYSE:STT) by 5.7% during the second quarter, Holdings Channel reports. The institutional investor owned 375,946 shares of the asset manager’s stock after buying an additional 20,432 shares during the period. TD Asset Management Inc.’s holdings in State Street Corporation were worth $33,733,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of STT. Burns J W & Co. Inc. NY boosted its position in 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 valued at $242,000 after buying an additional 23 shares during the last quarter. Klingenstein Fields & Co. LLC boosted 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 during the last quarter. Bank of Hawaii boosted 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 during the last quarter. Anchor Capital Advisors LLC boosted 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 during the last quarter. Finally, Stratos Wealth Partners LTD. boosted 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 during the last quarter. 88.62% of the stock is owned by hedge funds and other institutional investors.

Shares of State Street Corporation (NYSE:STT) opened at 94.28 on Thursday. The firm has a market cap of $35.27 billion, a PE ratio of 17.41 and a beta of 1.30. The company has a 50 day moving average price of $91.60 and a 200-day moving average price of $83.44. State Street Corporation has a 12-month low of $67.55 and a 12-month high of $96.26.

State Street Corporation (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 earnings per share. Analysts expect that State Street Corporation will post $6.15 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a $0.42 dividend. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a yield of 1.78%. State Street Corporation’s payout ratio is 28.15%.

State Street Corporation declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

ILLEGAL ACTIVITY WARNING: “TD Asset Management Inc. Has $33.73 Million Position in State Street Corporation (NYSE:STT)” was reported by Watch List News and is the property of of Watch List News. If you are accessing this article on another domain, it was stolen and reposted in violation of United States and international trademark & copyright legislation. The original version of this article can be accessed at https://www.watchlistnews.com/td-asset-management-inc-has-33-73-million-position-in-state-street-corporation-nysestt/1469017.html.

Several equities analysts have issued reports on STT shares. Deutsche Bank AG dropped their target price on State Street Corporation from $84.00 to $81.00 and set a “hold” rating on the stock in a research report on Tuesday, April 18th. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a research report on Wednesday, April 26th. Goldman Sachs Group, Inc. (The) boosted their target price on State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, May 1st. Bank of America Corporation reiterated a “neutral” rating and set a $88.00 target price on shares of State Street Corporation in a research report on Friday, May 26th. Finally, UBS AG upgraded State Street Corporation from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $86.00 to $92.00 in a research report on Monday, June 5th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $88.63.

In other State Street Corporation news, insider George E. Sullivan sold 2,718 shares of State Street Corporation stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $81.81, for a total value of $222,359.58. Following the transaction, the insider now owns 73,090 shares in the company, valued at $5,979,492.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 16,069 shares of company stock worth $1,422,969. 0.64% of the stock is currently owned by company 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.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT).

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

Receive News & Ratings for State Street Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.