Miles Capital Inc. Purchases Shares of 2,370 State Street Corporation (STT)
Miles Capital Inc. purchased a new position in State Street Corporation (NYSE:STT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,370 shares of the asset manager’s stock, valued at approximately $213,000.
Other institutional investors also recently bought and sold shares of the company. Raymond James Trust N.A. increased its position in State Street Corporation by 0.5% during the 2nd quarter. Raymond James Trust N.A. now owns 3,250 shares of the asset manager’s stock valued at $291,000 after buying an additional 17 shares in the last quarter. Burns J W & Co. Inc. NY raised its stake in State Street Corporation by 0.9% during the second 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 boosted its holdings in State Street Corporation by 0.9% in the second quarter. Klingenstein Fields & Co. LLC now owns 2,687 shares of the asset manager’s stock worth $241,000 after acquiring an additional 25 shares in the last quarter. Bank of Hawaii boosted its holdings in State Street Corporation by 0.4% in the first quarter. Bank of Hawaii now owns 8,415 shares of the asset manager’s stock worth $670,000 after acquiring an additional 30 shares in the last quarter. Finally, Anchor Capital Advisors LLC boosted its holdings in State Street Corporation by 0.3% in the first quarter. Anchor Capital Advisors LLC now owns 11,582 shares of the asset manager’s stock worth $922,000 after acquiring an additional 35 shares in the last quarter. Institutional investors own 87.42% of the company’s stock.
Shares of State Street Corporation (NYSE:STT) traded up 0.01% during mid-day trading on Tuesday, hitting $96.35. The company had a trading volume of 122,218 shares. State Street Corporation has a 1-year low of $68.16 and a 1-year high of $96.74. The company has a 50-day moving average price of $93.78 and a 200-day moving average price of $87.41. The company has a market capitalization of $36.03 billion, a price-to-earnings ratio of 17.79 and a beta of 1.31.
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 Thomson Reuters’ consensus estimate of $1.57 by $0.10. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 earnings per share. On average, equities analysts anticipate that State Street Corporation will post $6.16 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors 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 of this dividend is Friday, September 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.74%. State Street Corporation’s dividend payout ratio (DPR) is 31.11%.
State Street Corporation announced that its Board of Directors has approved a share 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 buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Several equities analysts have recently issued reports on the company. 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. Keefe, Bruyette & Woods set a $88.00 price objective on shares of State Street Corporation and gave the company a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research lowered shares of State Street Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Wells Fargo & Company initiated coverage on shares of State Street Corporation in a research note on Wednesday, August 9th. They set an “outperform” rating and a $115.00 price objective for the company. Finally, Jefferies Group LLC restated a “hold” rating and set a $87.00 price objective on shares of State Street Corporation in a research note on Monday, June 19th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $93.80.
In other news, insider Andrew Erickson sold 353 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the transaction, the insider now directly owns 21,170 shares of the company’s stock, valued at $1,969,021.70. 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 stock in a transaction dated 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 transaction, the insider now directly owns 39,896 shares in the company, valued at $3,692,374.80. The disclosure for this sale can be found here. Insiders sold a total of 8,814 shares of company stock valued at $820,385 in the last 90 days. 0.71% of the stock is currently owned by company insiders.
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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