State Street Corporation (STT) Holdings Maintained by KCM Investment Advisors LLC
KCM Investment Advisors LLC maintained its position in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,725 shares of the asset manager’s stock at the end of the second quarter. KCM Investment Advisors LLC’s holdings in State Street Corporation were worth $334,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Commonwealth Bank of Australia lifted its position in shares of State Street Corporation by 5.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock valued at $5,490,000 after buying an additional 3,365 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of State Street Corporation by 5.3% during the 1st quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock valued at $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. Pennsylvania Trust Co lifted its position in shares of State Street Corporation by 6.5% during the 2nd quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock valued at $361,000 after buying an additional 240 shares in the last quarter. Arvest Bank Trust Division lifted its position in shares of State Street Corporation by 1.1% during the 2nd quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock valued at $17,754,000 after buying an additional 2,084 shares in the last quarter. Finally, Ballentine Partners LLC purchased a new position in shares of State Street Corporation during the 1st quarter valued at about $369,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.
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In related news, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction on Friday, July 28th. The stock was sold at an average price of $93.38, for a total value of $466,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $93.01, for a total value of $32,832.53. Following the completion of the transaction, the insider now owns 21,170 shares of the company’s stock, valued at $1,969,021.70. The disclosure for this sale can be found here. Insiders sold 8,814 shares of company stock valued at $820,385 over the last ninety days. Insiders own 0.71% of the company’s stock.
Shares of State Street Corporation (NYSE STT) opened at 94.04 on Friday. State Street Corporation has a one year low of $68.16 and a one year high of $96.26. The stock has a market capitalization of $35.17 billion, a PE ratio of 17.36 and a beta of 1.31. The firm has a 50 day moving average price of $93.24 and a 200 day moving average price of $86.10.
State Street Corporation (NYSE:STT) last posted its 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 company 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%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 earnings per share. Analysts predict that State Street Corporation will post $6.15 earnings per share for the current fiscal year.
The company also recently disclosed 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. The ex-dividend date is Friday, September 29th. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.79%. State Street Corporation’s payout ratio is presently 28.15%.
State Street Corporation announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $1.40 billion in shares. This buyback authorization allows the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of research analysts have recently weighed in on the company. Jefferies Group LLC reaffirmed a “hold” rating and set a $100.00 price objective on shares of State Street Corporation in a research report on Friday. Zacks Investment Research raised State Street Corporation from a “hold” rating to a “buy” rating and set a $103.00 target price on the stock in a research note on Wednesday, August 30th. Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the company a “hold” rating in a research note on Monday, August 28th. Wells Fargo & Company started coverage on State Street Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $115.00 target price on the stock. Finally, Barclays PLC lifted their target price on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $92.31.
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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