State Street Corporation (NYSE:STT) Position Held by CNA Financial Corp
CNA Financial Corp held its stake in State Street Corporation (NYSE:STT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,950 shares of the asset manager’s stock at the end of the first quarter. CNA Financial Corp’s holdings in State Street Corporation were worth $1,668,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Bank of Hawaii boosted its stake 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 period. Anchor Capital Advisors LLC boosted its stake 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 period. CAPROCK Group Inc. boosted its stake in State Street Corporation by 2.3% in the first quarter. CAPROCK Group Inc. now owns 3,651 shares of the asset manager’s stock valued at $291,000 after buying an additional 81 shares during the period. Diamond Hill Capital Management Inc. boosted its stake in State Street Corporation by 0.5% in the first quarter. Diamond Hill Capital Management Inc. now owns 18,989 shares of the asset manager’s stock valued at $1,512,000 after buying an additional 97 shares during the period. Finally, Peapack Gladstone Financial Corp boosted its stake in State Street Corporation by 3.7% in the first quarter. Peapack Gladstone Financial Corp now owns 3,383 shares of the asset manager’s stock valued at $269,000 after buying an additional 122 shares during the period. 87.74% of the stock is owned by hedge funds and other institutional investors.
Shares of State Street Corporation (STT) traded down 0.48% during mid-day trading on Thursday, hitting $93.77. The stock had a trading volume of 1,375,686 shares. The firm’s 50 day moving average price is $90.65 and its 200 day moving average price is $82.85. State Street Corporation has a 1-year low of $65.31 and a 1-year high of $96.26. The company has a market cap of $35.28 billion, a P/E ratio of 17.59 and a beta of 1.30.
State Street Corporation (NYSE:STT) last released its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The company had revenue of $2.81 billion for 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 business’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 EPS. Analysts predict that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
State Street Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are often 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. Stockholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is 28.15%.
Several research analysts have recently issued reports on the company. Deutsche Bank AG reduced their price target on State Street Corporation from $85.00 to $84.00 and set a “hold” rating on the stock in a research report on Thursday, April 6th. Jefferies Group LLC lowered State Street Corporation from a “buy” rating to a “hold” rating and reduced their price target for the stock from $89.00 to $87.00 in a research report on Tuesday, April 11th. Citigroup Inc. raised their price target on State Street Corporation from $82.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 11th. Keefe, Bruyette & Woods set a $88.00 price target on State Street Corporation and gave the stock a “hold” rating in a research report on Wednesday, April 26th. Finally, Goldman Sachs Group, Inc. (The) lifted their target price on State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Three research 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 stock. State Street Corporation currently has a consensus rating of “Hold” and a consensus target price of $88.63.
In other news, insider George E. Sullivan sold 2,718 shares of the stock in a transaction dated Tuesday, May 16th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Joseph L. Hooley sold 5,666 shares of the 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 disclosure for this sale can be found here. Insiders have sold a total of 16,069 shares of company stock worth $1,422,969 in the last three months. Insiders own 0.64% of the company’s stock.
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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