Geode Capital Management LLC Increases Position in State Street Corporation (NYSE:STT)

Geode Capital Management LLC increased its position in shares of State Street Corporation (NYSE:STT) by 7.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,357,703 shares of the asset manager’s stock after buying an additional 223,866 shares during the period. Geode Capital Management LLC owned 0.88% of State Street Corporation worth $266,904,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in STT. Bank of Hawaii increased its position in shares of State Street Corporation by 0.4% in the first quarter. Bank of Hawaii now owns 8,415 shares of the asset manager’s stock worth $670,000 after buying an additional 30 shares in the last quarter. Anchor Capital Advisors LLC increased its position in shares of State Street Corporation by 0.3% in the first quarter. Anchor Capital Advisors LLC now owns 11,582 shares of the asset manager’s stock worth $922,000 after buying an additional 35 shares in the last quarter. CAPROCK Group Inc. increased its position in shares of State Street Corporation by 2.3% in the first quarter. CAPROCK Group Inc. now owns 3,651 shares of the asset manager’s stock worth $291,000 after buying an additional 81 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of State Street Corporation by 0.5% in the first quarter. Diamond Hill Capital Management Inc. now owns 18,989 shares of the asset manager’s stock worth $1,512,000 after buying an additional 97 shares in the last quarter. Finally, Peapack Gladstone Financial Corp increased its position in shares of State Street Corporation by 3.7% in the first quarter. Peapack Gladstone Financial Corp now owns 3,383 shares of the asset manager’s stock worth $269,000 after buying an additional 122 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

State Street Corporation (STT) traded down 0.41% during trading on Friday, reaching $93.17. The company had a trading volume of 1,734,988 shares. The stock has a market capitalization of $35.05 billion, a price-to-earnings ratio of 17.43 and a beta of 1.30. The firm has a 50-day moving average of $90.09 and a 200-day moving average of $82.60. State Street Corporation has a 1-year low of $64.88 and a 1-year high of $96.26.

State Street Corporation (NYSE:STT) last announced its quarterly earnings data on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate 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 net margin of 20.07% and a return on equity of 12.41%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 earnings per share. On average, analysts anticipate that State Street Corporation will post $6.12 EPS for the current fiscal year.

State Street Corporation declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in shares. This buyback authorization authorizes the asset manager to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders 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 1.80%. 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 28.15%.

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A number of brokerages have recently issued reports on STT. BidaskClub upgraded State Street Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 22nd. UBS AG upgraded State Street Corporation from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $86.00 to $92.00 in a research note on Monday, June 5th. Citigroup Inc. boosted their target price on State Street Corporation from $82.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 11th. Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the stock a “hold” rating in a research note on Saturday, July 1st. Finally, Buckingham Research restated a “buy” rating and set a $107.00 target price (up from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $88.63.

In other news, EVP Jeffrey N. Carp sold 2,656 shares of State Street Corporation stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $233,409.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Joseph L. Hooley sold 5,666 shares of State Street Corporation stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $497,928.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,069 shares of company stock valued at $1,122,629. Insiders own 0.64% of the company’s stock.

About State Street Corporation

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.

Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

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