Cambria Investment Management L.P. Takes $904,000 Position in State Street Corporation (STT)
Cambria Investment Management L.P. purchased a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,080 shares of the asset manager’s stock, valued at approximately $904,000.
Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in State Street Corporation by 1.9% during the second quarter. Vanguard Group Inc. now owns 24,022,695 shares of the asset manager’s stock worth $2,155,556,000 after purchasing an additional 448,658 shares during the period. BlackRock Inc. grew its stake in State Street Corporation by 2,256.7% during the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock worth $1,640,284,000 after purchasing an additional 19,729,678 shares during the period. FMR LLC grew its stake in State Street Corporation by 10.8% during the second quarter. FMR LLC now owns 19,988,755 shares of the asset manager’s stock worth $1,793,591,000 after purchasing an additional 1,940,536 shares during the period. Longview Partners Guernsey LTD grew its stake in State Street Corporation by 76.9% during the second quarter. Longview Partners Guernsey LTD now owns 7,569,482 shares of the asset manager’s stock worth $679,210,000 after purchasing an additional 3,290,082 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in State Street Corporation by 9.0% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock worth $418,948,000 after purchasing an additional 432,832 shares during the period. 87.42% of the stock is owned by institutional investors.
Several equities research analysts recently commented on STT shares. 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 objective on State Street Corporation and gave the company a “hold” rating in a research note on Monday, August 28th. Barclays PLC raised their price objective 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. BidaskClub raised State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $100.00 price objective on shares of State Street Corporation in a research note on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $93.80.
Shares of State Street Corporation (NYSE STT) traded up 0.5646% during mid-day trading on Friday, hitting $99.5087. The company’s stock had a trading volume of 178,101 shares. The company has a market cap of $37.21 billion, a price-to-earnings ratio of 18.3731 and a beta of 1.31. The stock’s 50 day moving average price is $94.14 and its 200 day moving average price is $87.70. State Street Corporation has a 52-week low of $68.16 and a 52-week high of $99.99.
State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.10. The firm had revenue of $2.81 billion for 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 company’s revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 EPS. Equities analysts forecast that State Street Corporation will post $6.16 EPS for the current year.
State Street Corporation declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.70%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, September 29th. State Street Corporation’s dividend payout ratio is presently 31.11%.
COPYRIGHT VIOLATION WARNING: This piece was first published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this piece on another site, it was copied illegally and reposted in violation of international copyright law. The correct version of this piece can be viewed at https://www.thecerbatgem.com/2017/10/06/cambria-investment-management-l-p-takes-904000-position-in-state-street-corporation-stt.html.
In related news, insider Andrew Erickson sold 353 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Hannah M. Grove sold 3,200 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was 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 have sold a total of 8,814 shares of company stock worth $820,385 over the last three months. Insiders own 0.71% of the company’s stock.
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.
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.