State Street Corporation (STT) Shares Sold by Shell Asset Management Co.
Shell Asset Management Co. reduced its stake in State Street Corporation (NYSE:STT) by 42.1% during the third quarter, according to its most recent filing with the SEC. The fund owned 85,719 shares of the asset manager’s stock after selling 62,354 shares during the quarter. Shell Asset Management Co.’s holdings in State Street Corporation were worth $6,310,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Commonwealth Bank of Australia boosted its holdings in shares of State Street Corporation by 5.8% in the 2nd quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock worth $5,490,000 after buying an additional 3,365 shares during the last quarter. Vanguard Group Inc. raised its stake in State Street Corporation by 5.3% in 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 acquiring an additional 1,180,527 shares during the period. Delta Lloyd Asset Management N.V. bought a new stake in State Street Corporation in the 2nd quarter valued at about $4,730,000. Pennsylvania Trust Co raised its stake in State Street Corporation by 6.5% in the 2nd quarter. Pennsylvania Trust Co now owns 3,948 shares of the asset manager’s stock valued at $361,000 after acquiring an additional 240 shares during the period. Finally, Arvest Bank Trust Division raised its stake in State Street Corporation by 1.1% in the 2nd quarter. Arvest Bank Trust Division now owns 197,863 shares of the asset manager’s stock valued at $17,754,000 after acquiring an additional 2,084 shares during the period. 87.41% of the stock is currently owned by institutional investors.
Shares of State Street Corporation (NYSE:STT) traded up 1.68% during midday trading on Friday, hitting $99.12. The stock had a trading volume of 2,308,783 shares. The stock’s 50 day moving average price is $95.94 and its 200 day moving average price is $89.29. State Street Corporation has a 12 month low of $68.68 and a 12 month high of $99.99. The firm has a market cap of $37.07 billion, a price-to-earnings ratio of 18.30 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 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The firm had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same period in the previous year, the firm earned $1.46 EPS. The business’s quarterly revenue was up 9.2% on a year-over-year basis. On average, equities analysts forecast that State Street Corporation will post $6.18 EPS for the current fiscal year.
State Street Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $1.40 billion in outstanding shares. This buyback authorization allows the asset manager to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
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STT has been the topic of a number of research reports. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Tuesday, July 11th. Buckingham Research restated a “buy” rating and issued a $107.00 price objective (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Finally, 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. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $95.07.
In other news, insider Hannah M. Grove sold 3,200 shares of State Street Corporation 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 transaction, the insider now directly owns 39,896 shares of the company’s stock, valued at approximately $3,692,374.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,814 shares of company stock worth $820,385. 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.
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