State Street Corporation (STT) Holdings Lifted by Davis Selected Advisers
Davis Selected Advisers boosted its holdings in State Street Corporation (NYSE:STT) by 1.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 493,517 shares of the asset manager’s stock after buying an additional 8,106 shares during the period. Davis Selected Advisers owned approximately 0.13% of State Street Corporation worth $44,283,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Burns J W & Co. Inc. NY increased its position in State Street Corporation by 0.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 2,700 shares of the asset manager’s stock worth $242,000 after buying an additional 23 shares during the period. Klingenstein Fields & Co. LLC increased its position in State Street Corporation by 0.9% in the 2nd quarter. Klingenstein Fields & Co. LLC now owns 2,687 shares of the asset manager’s stock worth $241,000 after buying an additional 25 shares during the period. Bank of Hawaii increased its position in State Street Corporation by 0.4% in the 1st quarter. Bank of Hawaii now owns 8,415 shares of the asset manager’s stock worth $670,000 after buying an additional 30 shares during the period. Anchor Capital Advisors LLC increased its position in State Street Corporation by 0.3% in the 1st quarter. Anchor Capital Advisors LLC now owns 11,582 shares of the asset manager’s stock worth $922,000 after buying an additional 35 shares during the period. Finally, Stratos Wealth Partners LTD. increased its position in State Street Corporation by 0.4% in the 2nd quarter. Stratos Wealth Partners LTD. now owns 9,117 shares of the asset manager’s stock worth $818,000 after buying an additional 40 shares during the period. 87.36% of the stock is currently owned by institutional investors.
Several research analysts have commented on STT shares. Bank of America Corporation reaffirmed a “neutral” rating and issued a $88.00 price target on shares of State Street Corporation in a research report on Friday, May 26th. UBS AG raised State Street Corporation from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $86.00 to $92.00 in a research report on Monday, June 5th. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $87.00 price target on shares of State Street Corporation in a research report on Monday, June 19th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $86.00 price target on shares of State Street Corporation in a research report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $90.41.
Shares of State Street Corporation (NYSE:STT) traded up 0.05% during mid-day trading on Wednesday, reaching $91.84. The company had a trading volume of 219,347 shares. The firm’s 50 day moving average is $92.95 and its 200-day moving average is $85.44. The stock has a market capitalization of $34.34 billion, a P/E ratio of 16.96 and a beta of 1.31. 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 EPS for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same quarter last year, the company earned $1.46 EPS. The company’s revenue was up 9.2% on a year-over-year basis. On average, analysts expect that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
State Street Corporation declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
The firm also recently declared 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 a positive change 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 1.83%. State Street Corporation’s dividend payout ratio (DPR) is presently 28.15%.
In other news, Chairman Joseph L. Hooley sold 5,666 shares of State Street Corporation stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total value of $497,928.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction on Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,136 shares of company stock worth $1,551,722. Corporate insiders own 0.71% of the company’s stock.
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State Street Corporation 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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