Synovus Financial Corp Acquires 926 Shares of State Street Corporation (STT)
Synovus Financial Corp grew its holdings in State Street Corporation (NYSE:STT) by 12.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,118 shares of the asset manager’s stock after acquiring an additional 926 shares during the period. Synovus Financial Corp’s holdings in State Street were worth $777,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Raymond James Trust N.A. raised its position in State Street by 0.5% in the second quarter. Raymond James Trust N.A. now owns 3,250 shares of the asset manager’s stock worth $291,000 after acquiring an additional 17 shares during the period. Northern Capital Management LLC increased its stake in shares of State Street by 0.7% in the second quarter. Northern Capital Management LLC now owns 10,770 shares of the asset manager’s stock worth $966,000 after purchasing an additional 75 shares in the last quarter. Stephens Inc. AR increased its stake in shares of State Street by 1.6% in the second quarter. Stephens Inc. AR now owns 4,793 shares of the asset manager’s stock worth $430,000 after purchasing an additional 76 shares in the last quarter. MAI Capital Management increased its stake in shares of State Street by 0.4% in the second quarter. MAI Capital Management now owns 22,444 shares of the asset manager’s stock worth $2,014,000 after purchasing an additional 96 shares in the last quarter. Finally, Peapack Gladstone Financial Corp increased its stake in shares of State Street by 3.0% in the second quarter. Peapack Gladstone Financial Corp now owns 3,483 shares of the asset manager’s stock worth $313,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 88.10% of the company’s stock.
In related news, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of State Street stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total transaction of $296,448.00. The disclosure for this sale can be found here. Insiders have sold 28,724 shares of company stock valued at $2,659,741 over the last ninety days. 0.71% of the stock is currently owned by corporate insiders.
State Street Corporation (NYSE:STT) traded up $0.40 on Friday, reaching $96.92. 1,534,900 shares of the company traded hands, compared to its average volume of 1,967,670. The stock has a market capitalization of $35,870.00, a PE ratio of 15.90, a price-to-earnings-growth ratio of 1.65 and a beta of 1.35. State Street Corporation has a 52 week low of $74.45 and a 52 week high of $99.99. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61.
State Street (NYSE:STT) last posted its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.10. The company had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. State Street’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the company posted $1.35 earnings per share. analysts anticipate that State Street Corporation will post 6.25 earnings per share for the current year.
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About State Street
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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