Nationwide Fund Advisors Reduces Stake in State Street Corporation (STT)
Nationwide Fund Advisors trimmed its position in State Street Corporation (NYSE:STT) by 8.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 224,266 shares of the asset manager’s stock after selling 19,588 shares during the period. Nationwide Fund Advisors owned 0.06% of State Street Corporation worth $20,123,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Salem Investment Counselors Inc. lifted its stake in shares of State Street Corporation by 2,677.8% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after acquiring an additional 964 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of State Street Corporation by 18.0% in the 2nd quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after acquiring an additional 172 shares during the last quarter. Penserra Capital Management LLC bought a new position in shares of State Street Corporation in the 2nd quarter valued at $107,000. Bronfman E.L. Rothschild L.P. lifted its stake in shares of State Street Corporation by 15.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after acquiring an additional 168 shares during the last quarter. Finally, NEXT Financial Group Inc lifted its stake in shares of State Street Corporation by 5.5% in the 2nd quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after acquiring an additional 75 shares during the last quarter. Institutional investors own 87.33% of the company’s stock.
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State Street Corporation (NYSE STT) opened at 94.76 on Tuesday. State Street Corporation has a 52-week low of $68.16 and a 52-week high of $96.26. The stock has a 50 day moving average price of $93.29 and a 200 day moving average price of $86.28. The company has a market capitalization of $35.44 billion, a price-to-earnings ratio of 17.50 and a beta of 1.31.
State Street Corporation (NYSE:STT) last posted its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.10. The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The company’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. Equities research analysts forecast that State Street Corporation will post $6.15 earnings per share for the current 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 dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.77%. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. State Street Corporation’s dividend payout ratio is 28.15%.
State Street Corporation declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.40 billion in shares. This buyback authorization permits the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
In other news, Director Amelia C. Fawcett sold 5,000 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction dated 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 directly owns 39,896 shares of the company’s stock, valued at $3,692,374.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,814 shares of company stock valued at $820,385. Insiders own 0.71% of the company’s stock.
STT has been the subject of a number of research reports. Zacks Investment Research cut State Street Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 29th. 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, August 28th. Barclays PLC increased their price target 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. 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. Finally, BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $92.31.
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.
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