17,650 Shares in State Street Corporation (STT) Acquired by Beaton Management Co. Inc.
Beaton Management Co. Inc. bought a new position in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,650 shares of the asset manager’s stock, valued at approximately $1,585,000. State Street Corporation accounts for 1.6% of Beaton Management Co. Inc.’s holdings, making the stock its 18th biggest holding.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake in State Street Corporation by 21.4% during the first quarter. Victory Capital Management Inc. now owns 19,918 shares of the asset manager’s stock worth $1,586,000 after acquiring an additional 3,509 shares during the last quarter. Cibc World Markets Corp increased its stake in State Street Corporation by 50.8% during the first quarter. Cibc World Markets Corp now owns 37,509 shares of the asset manager’s stock worth $2,986,000 after acquiring an additional 12,639 shares during the last quarter. Neuberger Berman Group LLC increased its stake in State Street Corporation by 1.5% during the first quarter. Neuberger Berman Group LLC now owns 236,801 shares of the asset manager’s stock worth $18,852,000 after acquiring an additional 3,448 shares during the last quarter. Vident Investment Advisory LLC acquired a new stake in State Street Corporation during the first quarter worth about $2,527,000. Finally, Tredje AP fonden increased its stake in State Street Corporation by 31.5% during the first quarter. Tredje AP fonden now owns 42,187 shares of the asset manager’s stock worth $3,375,000 after acquiring an additional 10,113 shares during the last quarter. Hedge funds and other institutional investors own 87.42% of the company’s stock.
State Street Corporation (NYSE:STT) traded up 0.64% on Friday, reaching $99.26. The company’s stock had a trading volume of 1,588,868 shares. State Street Corporation has a 52 week low of $68.54 and a 52 week high of $99.99. The firm has a market capitalization of $37.12 billion, a PE ratio of 18.33 and a beta of 1.31. The stock’s 50 day moving average is $95.16 and its 200-day moving average is $88.62.
State Street Corporation (NYSE:STT) last issued its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. The firm had revenue of $2.81 billion during 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 company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the company earned $1.46 EPS. Analysts predict that State Street Corporation will post $6.18 EPS for the current year.
The firm also recently disclosed 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. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. This is an increase 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 (DPR) is presently 31.11%.
State Street Corporation announced that its Board of Directors has initiated a share repurchase 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 generally a sign that the company’s management believes its shares are undervalued.
In related news, insider Hannah M. Grove sold 3,200 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $92.55, for a total transaction of $296,160.00. Following the completion of the sale, the insider now directly owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew Erickson sold 353 shares of the firm’s 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 sale, the insider now directly 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 have sold a total of 8,814 shares of company stock valued at $820,385 over the last three months. Corporate insiders own 0.71% of the company’s stock.
Several brokerages have commented on STT. Buckingham Research restated a “buy” rating and set a $107.00 price target (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Keefe, Bruyette & Woods set a $88.00 price target on State Street Corporation and gave the stock a “hold” rating in a research note on Saturday, July 1st. BidaskClub upgraded State Street Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 22nd. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Tuesday, July 11th. Finally, Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and upped their price target for the stock from $92.00 to $100.00 in a research note on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $95.07.
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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