Pzena Investment Management LLC decreased its position in State Street Corporation (NYSE:STT) by 0.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 2,813,464 shares of the asset manager’s stock after selling 19,414 shares during the period. Pzena Investment Management LLC owned 0.75% of State Street Corporation worth $252,452,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of STT. ProShare Advisors LLC boosted its stake in shares of State Street Corporation by 2.2% in the first quarter. ProShare Advisors LLC now owns 92,907 shares of the asset manager’s stock worth $7,396,000 after buying an additional 2,043 shares during the last quarter. Korea Investment CORP boosted its stake in shares of State Street Corporation by 19.1% in the first quarter. Korea Investment CORP now owns 296,987 shares of the asset manager’s stock worth $23,643,000 after buying an additional 47,536 shares during the last quarter. First Manhattan Co. boosted its stake in shares of State Street Corporation by 1.1% in the first quarter. First Manhattan Co. now owns 11,129 shares of the asset manager’s stock worth $774,000 after buying an additional 125 shares during the last quarter. BTIM Corp. boosted its stake in shares of State Street Corporation by 3.8% in the first quarter. BTIM Corp. now owns 487,692 shares of the asset manager’s stock worth $38,825,000 after buying an additional 17,645 shares during the last quarter. Finally, Taylor Wealth Management Partners boosted its stake in shares of State Street Corporation by 2.0% in the first quarter. Taylor Wealth Management Partners now owns 24,655 shares of the asset manager’s stock worth $1,963,000 after buying an additional 495 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors and hedge funds.

Shares of State Street Corporation (STT) traded down 0.17% on Monday, reaching $92.26. The company’s stock had a trading volume of 154,013 shares. The company has a 50 day moving average of $92.42 and a 200 day moving average of $84.16. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $96.26. The stock has a market capitalization of $34.50 billion, a P/E ratio of 17.03 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.10. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The business’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the business posted $1.46 EPS. Equities research analysts expect that State Street Corporation will post $6.15 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a $0.42 dividend. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. State Street Corporation’s dividend payout ratio (DPR) is 28.15%.

State Street Corporation announced that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

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A number of brokerages have recently commented on STT. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price objective on the stock in a research note on Thursday, July 27th. Wells Fargo & Company began coverage on shares of State Street Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price objective on the stock. Barclays PLC raised their price objective on shares of State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Buckingham Research reiterated a “buy” rating and set a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Finally, Keefe, Bruyette & Woods reiterated an “underweight” rating on shares of State Street Corporation in a research report on Thursday, July 13th. Three investment 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 company. State Street Corporation currently has a consensus rating of “Hold” and an average price target of $90.18.

In related news, Director Amelia C. Fawcett sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the sale, the insider now directly owns 21,170 shares in the company, valued at approximately $1,969,021.70. The disclosure for this sale can be found here. In the last three months, insiders sold 17,136 shares of company stock worth $1,551,722. Company 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.

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

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