Dupont Capital Management Corp Sells 19,625 Shares of State Street Corporation (STT)
Dupont Capital Management Corp reduced its stake in shares of State Street Corporation (NYSE:STT) by 26.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 large investors have also modified their holdings of STT. Raymond James Trust N.A. purchased a new position in State Street Corporation during the first quarter valued at $257,000. Creative Planning raised its position in State Street Corporation by 10.1% in the first quarter. Creative Planning now owns 12,692 shares of the asset manager’s stock valued at $1,010,000 after buying an additional 1,167 shares in the last quarter. Atria Investments LLC raised its position in State Street Corporation by 71.6% in the first quarter. Atria Investments LLC now owns 5,092 shares of the asset manager’s stock valued at $405,000 after buying an additional 2,125 shares in the last quarter. Pinnacle Bank purchased a new position in State Street Corporation during the first quarter valued at $129,000. Finally, Reliance Trust Co. of Delaware raised its position in State Street Corporation by 14.7% in the first quarter. Reliance Trust Co. of Delaware now owns 11,826 shares of the asset manager’s stock valued at $942,000 after buying an additional 1,515 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.
Shares of State Street Corporation (NYSE:STT) opened at 93.82 on Wednesday. The company has a market cap of $35.08 billion, a P/E ratio of 17.32 and a beta of 1.30. The firm has a 50-day moving average of $92.13 and a 200-day moving average of $83.92. 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 earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The company’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the company earned $1.46 earnings per share. Analysts predict that State Street Corporation will post $6.15 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be paid a $0.42 dividend. This is an increase 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 dividend yield of 1.79%. State Street Corporation’s dividend payout ratio (DPR) is presently 28.15%.
State Street Corporation declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.40 billion in shares. This buyback authorization permits the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
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Several research analysts have recently weighed in on STT shares. Deutsche Bank AG lowered their price objective on shares of State Street Corporation from $84.00 to $81.00 and set a “hold” rating on the stock in a research note on Tuesday, April 18th. Keefe, Bruyette & Woods set a $88.00 price objective on shares of State Street Corporation and gave the stock a “hold” rating in a research note on Wednesday, April 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 stock a “buy” rating in a research note on Monday, May 1st. Bank of America Corporation restated a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a research note on Friday, May 26th. Finally, UBS AG upgraded shares of State Street Corporation from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $86.00 to $92.00 in a research note on Monday, June 5th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. State Street Corporation has an average rating of “Hold” and an average price target of $90.18.
In related news, EVP Jeffrey N. Carp sold 2,656 shares of the business’s 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 $233,409.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amelia C. Fawcett sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were 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. Insiders sold 16,522 shares of company stock valued at $1,494,397 in the last quarter. Corporate insiders own 0.64% of the company’s stock.
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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