BB&T Securities LLC increased its stake in shares of State Street Corporation (NYSE:STT) by 14.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 125,425 shares of the asset manager’s stock after buying an additional 15,709 shares during the period. BB&T Securities LLC’s holdings in State Street Corporation were worth $9,984,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Alaska Department of Revenue bought a new position in shares of State Street Corporation during the first quarter valued at $123,000. FTB Advisors Inc. increased its position 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. Pinnacle Bank bought a new position in shares of State Street Corporation during the first quarter valued at $129,000. Advisory Services Network LLC bought a new position in shares of State Street Corporation during the first quarter valued at $177,000. Finally, IFP Advisors Inc increased its position in shares of 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. Institutional investors own 87.99% of the company’s stock.
State Street Corporation (NYSE STT) traded down 0.38% during mid-day trading on Tuesday, reaching $89.18. The company’s stock had a trading volume of 103,183 shares. The firm’s 50 day moving average price is $83.78 and its 200 day moving average price is $80.46. State Street Corporation has a 52 week low of $50.60 and a 52 week high of $89.95. The firm has a market capitalization of $33.55 billion, a P/E ratio of 16.68 and a beta of 1.33.
State Street Corporation (NYSE:STT) last issued its quarterly earnings results on Wednesday, April 26th. The asset manager reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.75 billion. State Street Corporation had a return on equity of 12.38% and a net margin of 20.54%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. On average, analysts anticipate that State Street Corporation will post $5.91 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 18th. Shareholders of record on Monday, July 3rd will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Thursday, June 29th. State Street Corporation’s payout ratio is currently 28.46%.
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Several research analysts have weighed in on STT shares. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Goldman Sachs Group, Inc. (The) lifted their target price on State Street Corporation from $88.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, May 1st. Jefferies Group LLC downgraded State Street Corporation from a “buy” rating to a “hold” rating and lowered their target price for the company from $89.00 to $87.00 in a research note on Tuesday, April 11th. Deutsche Bank AG lowered their target price on State Street Corporation from $85.00 to $84.00 and set a “hold” rating on the stock in a research note on Thursday, April 6th. Finally, Keefe, Bruyette & Woods set a $88.00 target price on State Street Corporation and gave the company a “hold” rating in a research note on Wednesday, April 26th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $84.86.
In other State Street Corporation news, EVP Karen C. Keenan sold 1,000 shares of the stock in a transaction on Thursday, April 20th. The stock was sold at an average price of $78.56, for a total transaction of $78,560.00. Following the completion of the transaction, the executive vice president now directly owns 60,934 shares of the company’s stock, valued at approximately $4,786,975.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey N. Carp sold 2,656 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $233,409.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,069 shares of company stock valued at $1,201,189. 0.64% of the stock is currently owned by corporate 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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