State Street Corp (STT) Shares Bought by Cornerstone Investment Partners LLC
Cornerstone Investment Partners LLC lifted its stake in State Street Corp (NYSE:STT) by 29.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 692,120 shares of the asset manager’s stock after purchasing an additional 155,580 shares during the quarter. State Street comprises about 2.1% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 28th largest holding. Cornerstone Investment Partners LLC owned about 0.18% of State Street worth $43,652,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. ARGA Investment Management LP raised its position in State Street by 19.0% during the 3rd quarter. ARGA Investment Management LP now owns 36,125 shares of the asset manager’s stock worth $3,027,000 after buying an additional 5,775 shares during the last quarter. Longview Partners Guernsey LTD raised its position in State Street by 40.5% during the 3rd quarter. Longview Partners Guernsey LTD now owns 11,202,851 shares of the asset manager’s stock worth $938,575,000 after buying an additional 3,230,396 shares during the last quarter. Clear Harbor Asset Management LLC purchased a new position in State Street during the 3rd quarter worth approximately $299,000. Virtu Financial LLC raised its position in State Street by 103.3% during the 3rd quarter. Virtu Financial LLC now owns 21,370 shares of the asset manager’s stock worth $1,790,000 after buying an additional 10,859 shares during the last quarter. Finally, First Hawaiian Bank purchased a new position in State Street during the 3rd quarter worth approximately $1,406,000. 87.19% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Louis D. Maiuri purchased 740 shares of the company’s stock in a transaction that occurred on Wednesday, October 24th. The shares were purchased at an average price of $67.60 per share, with a total value of $50,024.00. Following the purchase, the executive vice president now owns 45,314 shares of the company’s stock, valued at $3,063,226.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Saint-Aignan Patrick De purchased 500 shares of the company’s stock in a transaction that occurred on Tuesday, October 23rd. The stock was bought at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the purchase, the director now directly owns 25,138 shares in the company, valued at approximately $1,724,969.56. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by company insiders.
Shares of NYSE:STT traded up $0.56 during trading on Friday, hitting $67.07. 71,460 shares of the stock traded hands, compared to its average volume of 3,277,170. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market cap of $25.35 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 0.96 and a beta of 1.35. State Street Corp has a 52-week low of $57.87 and a 52-week high of $114.27.
State Street (NYSE:STT) last posted its earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.02). The firm had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $3.02 billion. State Street had a net margin of 19.90% and a return on equity of 14.99%. State Street’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $1.71 earnings per share. On average, sell-side analysts anticipate that State Street Corp will post 7.31 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 16th. Investors of record on Wednesday, January 2nd will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, December 31st. This represents a $1.88 dividend on an annualized basis and a yield of 2.80%. State Street’s dividend payout ratio is currently 31.54%.
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About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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