Kiltearn Partners LLP Has $63.51 Million Stake in State Street Corporation (STT)
Kiltearn Partners LLP decreased its position in shares of State Street Corporation (NYSE:STT) by 17.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 707,814 shares of the asset manager’s stock after selling 146,100 shares during the quarter. State Street Corporation accounts for approximately 2.0% of Kiltearn Partners LLP’s portfolio, making the stock its 18th largest holding. Kiltearn Partners LLP owned 0.19% of State Street Corporation worth $63,512,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Salem Investment Counselors Inc. grew its stake in shares of State Street Corporation by 2,677.8% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock worth $131,000 after purchasing an additional 964 shares during the period. Parallel Advisors LLC grew its stake in shares of State Street Corporation by 18.0% during the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock worth $105,000 after purchasing an additional 172 shares during the period. Penserra Capital Management LLC acquired a new stake in shares of State Street Corporation during the 2nd quarter worth approximately $107,000. Bronfman E.L. Rothschild L.P. grew its stake in shares of State Street Corporation by 15.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock worth $114,000 after purchasing an additional 168 shares during the period. Finally, NEXT Financial Group Inc grew its stake in shares of State Street Corporation by 5.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock worth $130,000 after purchasing an additional 75 shares during the period. 87.36% of the stock is currently owned by institutional investors and hedge funds.
In other State Street Corporation news, Chairman Joseph L. Hooley sold 5,666 shares of the company’s 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $92.55, for a total value of $296,160.00. Following the completion of the sale, the insider now directly owns 39,896 shares in the company, valued at approximately $3,692,374.80. The disclosure for this sale can be found here. Insiders sold 17,136 shares of company stock valued at $1,551,722 in the last quarter. 0.71% of the stock is currently owned by company insiders.
COPYRIGHT VIOLATION NOTICE: “Kiltearn Partners LLP Has $63.51 Million Stake in State Street Corporation (STT)” was posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark legislation. The legal version of this story can be read at https://www.thecerbatgem.com/2017/09/08/kiltearn-partners-llp-has-63-51-million-stake-in-state-street-corporation-stt.html.
A number of equities research analysts have recently commented on the stock. UBS AG raised shares of State Street Corporation from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $86.00 to $92.00 in a research note on Monday, June 5th. BidaskClub raised shares of State Street Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 22nd. Buckingham Research reaffirmed a “buy” rating and set a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. 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 Saturday, July 1st. Finally, Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $91.50.
Shares of State Street Corporation (NYSE:STT) traded up 1.57% during midday trading on Friday, reaching $92.40. 418,371 shares of the company’s stock traded hands. The stock’s 50 day moving average is $92.95 and its 200-day moving average is $85.52. State Street Corporation has a 52 week low of $68.16 and a 52 week high of $96.26. The company has a market capitalization of $34.55 billion, a PE ratio of 17.06 and a beta of 1.31.
State Street Corporation (NYSE:STT) last released its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. State Street Corporation’s revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 earnings per share. On average, analysts forecast that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
The firm 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 $0.42 dividend. This is a boost 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 yield of 1.85%. State Street Corporation’s dividend payout ratio is presently 28.15%.
State Street Corporation announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization permits the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
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.
Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT).
Receive News & Stock Ratings for State Street Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street Corporation and related stocks with our FREE daily email newsletter.