Public Employees Retirement System of Ohio Buys 3,787 Shares of State Street Corporation (NYSE:STT)
Public Employees Retirement System of Ohio raised its position in shares of State Street Corporation (NYSE:STT) by 1.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 307,176 shares of the asset manager’s stock after buying an additional 3,787 shares during the period. Public Employees Retirement System of Ohio owned 0.08% of State Street Corporation worth $24,454,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Achmea Investment Management B.V. acquired a new position in State Street Corporation during the first quarter worth approximately $7,718,000. Bank of Nova Scotia increased its position in State Street Corporation by 4.4% in the first quarter. Bank of Nova Scotia now owns 207,365 shares of the asset manager’s stock worth $16,508,000 after buying an additional 8,738 shares during the period. Salem Investment Counselors Inc. increased its position in State Street Corporation by 2,677.8% in the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock worth $131,000 after buying an additional 964 shares during the period. Janus Capital Management LLC increased its position in State Street Corporation by 694.4% in the first quarter. Janus Capital Management LLC now owns 615,359 shares of the asset manager’s stock worth $48,989,000 after buying an additional 537,900 shares during the period. Finally, Colony Group LLC increased its position in State Street Corporation by 4.9% in the first quarter. Colony Group LLC now owns 6,061 shares of the asset manager’s stock worth $483,000 after buying an additional 282 shares during the period. 88.62% of the stock is currently owned by institutional investors and hedge funds.
Shares of State Street Corporation (NYSE:STT) opened at 94.45 on Tuesday. The company has a 50-day moving average of $90.65 and a 200-day moving average of $82.85. State Street Corporation has a 1-year low of $66.44 and a 1-year high of $96.26. The firm has a market capitalization of $35.33 billion, a PE ratio of 17.44 and a beta of 1.30.
State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The company 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 revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. Equities research analysts predict that State Street Corporation will post $6.15 EPS for the current fiscal year.
The business also recently declared 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 is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a yield of 1.78%. The ex-dividend date is Friday, September 29th. State Street Corporation’s dividend payout ratio is currently 28.15%.
State Street Corporation declared that its Board of Directors has initiated a share repurchase 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 purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
A number of research firms have commented on STT. Zacks Investment Research downgraded shares of State Street Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Barclays PLC raised their target price on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods reissued an “underweight” rating on shares of State Street Corporation in a research report on Thursday, July 13th. Buckingham Research reaffirmed a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Finally, Goldman Sachs Group, Inc. (The) raised shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and lifted their price objective for the stock from $92.00 to $100.00 in a research report on Wednesday, June 28th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $88.63.
In other State Street Corporation news, insider George E. Sullivan sold 2,718 shares of the 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 directly owns 73,090 shares in the company, valued at $5,979,492.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Joseph L. Hooley sold 5,666 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were 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 sold 16,069 shares of company stock worth $1,422,969 over the last quarter. 0.64% 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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