Dimensional Fund Advisors LP boosted its stake in State Street Corporation (NYSE:STT) by 1.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,664,305 shares of the asset manager’s stock after buying an additional 26,636 shares during the period. Dimensional Fund Advisors LP owned 0.44% of State Street Corporation worth $132,496,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in STT. FTB Advisors Inc. boosted its stake in shares of State Street Corporation by 15.7% in the first quarter. FTB Advisors Inc. now owns 1,523 shares of the asset manager’s stock valued at $127,000 after buying an additional 207 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of State Street Corporation during the first quarter valued at approximately $123,000. Pinnacle Bank bought a new stake in shares of State Street Corporation during the first quarter valued at approximately $129,000. Advisory Services Network LLC bought a new stake in shares of State Street Corporation during the first quarter valued at approximately $177,000. Finally, IFP Advisors Inc increased its position in State Street Corporation by 40.0% in the first quarter. IFP Advisors Inc now owns 2,373 shares of the asset manager’s stock valued at $189,000 after buying an additional 678 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.
State Street Corporation (NYSE:STT) traded down 0.41% during mid-day trading on Friday, reaching $93.17. 1,734,988 shares of the company’s stock traded hands. State Street Corporation has a 12 month low of $64.88 and a 12 month high of $96.26. The stock has a market capitalization of $34.86 billion, a PE ratio of 17.20 and a beta of 1.30. The firm’s 50-day moving average price is $90.30 and its 200 day moving average price is $82.68.
State Street Corporation (NYSE:STT) last posted its earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 EPS. Equities research analysts predict that State Street Corporation will post $6.12 EPS for the current year.
State Street Corporation announced that its board has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.40 billion in shares. This buyback authorization authorizes the asset manager to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, October 2nd will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 29th. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.80%. State Street Corporation’s payout ratio is presently 28.15%.
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Several research firms have weighed in on STT. Barclays PLC raised their target price on shares of State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price for the company in a report on Thursday. Keefe, Bruyette & Woods restated an “underweight” rating on shares of State Street Corporation in a report on Thursday, July 13th. Buckingham Research reiterated a “buy” rating and set a $107.00 price target (up from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of State Street Corporation from a “buy” rating to a “conviction-buy” rating and lifted their price target for the stock from $92.00 to $100.00 in a report on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. State Street Corporation currently has a consensus rating of “Hold” and an average target price of $88.63.
In related news, EVP Jeffrey N. Carp sold 2,656 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $233,409.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Joseph L. Hooley sold 5,666 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $497,928.08. The disclosure for this sale can be found here. Insiders have sold a total of 13,069 shares of company stock worth $1,122,629 over the last three months. 0.64% of the stock is owned by insiders.
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.
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