Andra AP fonden Has $4.38 Million Stake in State Street Corporation (STT)
Andra AP fonden decreased its position in State Street Corporation (NYSE:STT) by 2.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 48,800 shares of the asset manager’s stock after selling 1,300 shares during the period. Andra AP fonden’s holdings in State Street Corporation were worth $4,379,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the company. Penserra Capital Management LLC acquired a new stake in State Street Corporation during the second quarter worth approximately $107,000. GHP Investment Advisors Inc. boosted its stake in State Street Corporation by 8.2% in the second quarter. GHP Investment Advisors Inc. now owns 16,080 shares of the asset manager’s stock worth $1,443,000 after buying an additional 1,222 shares during the period. Coho Partners Ltd. boosted its stake in State Street Corporation by 26.2% in the second quarter. Coho Partners Ltd. now owns 2,332,464 shares of the asset manager’s stock worth $209,292,000 after buying an additional 484,733 shares during the period. Great Lakes Advisors LLC acquired a new stake in State Street Corporation during the second quarter worth approximately $904,000. Finally, Parallel Advisors LLC boosted its stake in State Street Corporation by 18.0% in the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after buying an additional 172 shares during the period. Hedge funds and other institutional investors own 87.34% of the company’s stock.
State Street Corporation (STT) opened at 92.00 on Wednesday. The company’s 50-day moving average price is $92.74 and its 200-day moving average price is $84.75. The stock has a market cap of $34.40 billion, a P/E ratio of 16.99 and a beta of 1.30. State Street Corporation has a 12 month low of $68.16 and a 12 month high of $96.26.
State Street Corporation (NYSE:STT) last posted its quarterly earnings data 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. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The firm had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the previous year, the company posted $1.46 EPS. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities analysts forecast that State Street Corporation will post $6.15 earnings per share for the current year.
State Street Corporation declared that its board has approved a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in outstanding shares. This buyback authorization authorizes the asset manager to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.83%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s payout ratio is presently 28.15%.
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STT has been the subject of a number of research analyst reports. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Tuesday, July 11th. Buckingham Research reiterated a “buy” rating and issued a $107.00 price target (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Keefe, Bruyette & Woods set a $93.00 price target on State Street Corporation and gave the company a “hold” rating in a research note on Monday. Finally, Bank of America Corporation reiterated a “neutral” rating and issued a $88.00 price target on shares of State Street Corporation in a research note on Friday, May 26th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $90.41.
In other news, Chairman Joseph L. Hooley sold 5,666 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $497,928.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total transaction of $296,160.00. Following the transaction, the insider now 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 quarter, insiders have sold 17,136 shares of company stock worth $1,551,722. Corporate insiders own 0.71% 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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