Gamco Investors INC. ET AL Reduces Position in State Street Corporation (STT)
Gamco Investors INC. ET AL lowered its position in shares of State Street Corporation (NYSE:STT) by 2.8% during the second quarter, Holdings Channel reports. The fund owned 1,416,465 shares of the asset manager’s stock after selling 40,226 shares during the period. State Street Corporation comprises 0.8% of Gamco Investors INC. ET AL’s portfolio, making the stock its 24th largest position. Gamco Investors INC. ET AL’s holdings in State Street Corporation were worth $127,099,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after buying an additional 1,180,527 shares during the last quarter. BlackRock Inc. boosted its stake in State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock worth $1,640,284,000 after buying an additional 19,729,678 shares during the last quarter. FMR LLC boosted its stake in State Street Corporation by 3.5% in the first quarter. FMR LLC now owns 18,048,219 shares of the asset manager’s stock worth $1,436,818,000 after buying an additional 607,920 shares during the last quarter. Longview Partners Guernsey LTD boosted its stake in State Street Corporation by 76.9% in the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock worth $679,210,000 after buying an additional 3,290,082 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in State Street Corporation by 9.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock worth $418,948,000 after buying an additional 432,832 shares during the last quarter. 88.64% of the stock is owned by hedge funds and other institutional investors.
State Street Corporation (NYSE STT) opened at 93.04 on Thursday. The company has a market capitalization of $34.79 billion, a price-to-earnings ratio of 17.18 and a beta of 1.30. The stock has a 50 day moving average price of $92.28 and a 200-day moving average price of $83.99. State Street Corporation has a 1-year low of $67.55 and a 1-year high of $96.26.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The firm 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 period in the prior year, the firm earned $1.46 EPS. Equities analysts predict that State Street Corporation will post $6.15 earnings per share for the current 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 issued a $0.42 dividend. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s dividend payout ratio is currently 28.15%.
State Street Corporation declared that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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A number of analysts recently issued reports on STT shares. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Tuesday, July 11th. Buckingham Research reissued a “buy” rating and set a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Bank of America Corporation reissued a “neutral” rating and set a $88.00 price objective on shares of State Street Corporation in a research report on Friday, May 26th. Finally, Keefe, Bruyette & Woods set a $88.00 price objective on State Street Corporation and gave the company a “hold” rating in a research report on Saturday, July 1st. 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 given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $90.18.
In other State Street Corporation news, Chairman Joseph L. Hooley sold 5,666 shares of the stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $497,928.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $92.55, for a total transaction of $296,160.00. Following the completion of the transaction, the insider now directly owns 39,896 shares in the company, valued at $3,692,374.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,522 shares of company stock worth $1,494,397. 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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