South Dakota Investment Council decreased its stake in shares of State Street Corporation (NYSE:STT) by 28.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 16,499 shares of the asset manager’s stock after selling 6,700 shares during the period. South Dakota Investment Council’s holdings in State Street Corporation were worth $1,480,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of STT. Burns J W & Co. Inc. NY grew its holdings 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 valued at $242,000 after buying an additional 23 shares during the last quarter. Klingenstein Fields & Co. LLC grew its holdings 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 valued at $241,000 after buying an additional 25 shares during the last quarter. Bank of Hawaii grew its holdings 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 valued at $670,000 after buying an additional 30 shares during the last quarter. Anchor Capital Advisors LLC grew its holdings 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 valued at $922,000 after buying an additional 35 shares during the last quarter. Finally, Stratos Wealth Partners LTD. grew its holdings 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 valued at $818,000 after buying an additional 40 shares during the last quarter. 87.36% of the stock is currently owned by institutional investors and hedge funds.

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STT has been the topic of a number of research analyst reports. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a report on Thursday, July 27th. Buckingham Research reaffirmed a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. UBS AG raised State Street Corporation from a “neutral” rating to a “buy” rating and raised their target price for the company from $86.00 to $92.00 in a report on Monday, June 5th. Finally, Goldman Sachs Group, Inc. (The) raised State Street Corporation from a “buy” rating to a “conviction-buy” rating and raised their target price for the company from $92.00 to $100.00 in a report on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $91.50.

In related news, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $93.38, for a total transaction of $466,900.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Andrew Erickson sold 353 shares of the 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 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. Insiders have sold 8,814 shares of company stock worth $820,385 in the last three months. 0.71% of the stock is currently owned by company insiders.

State Street Corporation (NYSE STT) opened at 94.96 on Wednesday. The company has a market cap of $35.51 billion, a P/E ratio of 17.53 and a beta of 1.31. State Street Corporation has a 52-week low of $68.16 and a 52-week high of $96.26. The company’s 50 day moving average price is $93.09 and its 200 day moving average price is $85.76.

State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm’s quarterly 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. Equities research analysts anticipate that State Street Corporation will post $6.15 EPS 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 given a dividend of $0.42 per share. The ex-dividend date is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.77%. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is currently 28.15%.

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

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.

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

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