Bridges Investment Counsel Inc. boosted its position in shares of State Street Corporation (NYSE:STT) by 122.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 8,550 shares of the asset manager’s stock after buying an additional 4,700 shares during the period. Bridges Investment Counsel Inc.’s holdings in State Street Corporation were worth $767,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Ipswich Investment Management Co. Inc. raised its position in shares of State Street Corporation by 22.3% in the second quarter. Ipswich Investment Management Co. Inc. now owns 3,110 shares of the asset manager’s stock valued at $279,000 after buying an additional 567 shares during the last quarter. Rothschild Investment Corp IL raised its position in shares of State Street Corporation by 8.5% in the second quarter. Rothschild Investment Corp IL now owns 8,700 shares of the asset manager’s stock valued at $781,000 after buying an additional 683 shares during the last quarter. BTIM Corp. raised its position in shares of State Street Corporation by 1.6% in the second quarter. BTIM Corp. now owns 495,367 shares of the asset manager’s stock valued at $44,449,000 after buying an additional 7,675 shares during the last quarter. Aperio Group LLC raised its position in shares of State Street Corporation by 11.7% in the second quarter. Aperio Group LLC now owns 232,220 shares of the asset manager’s stock valued at $20,837,000 after buying an additional 24,347 shares during the last quarter. Finally, Visionary Asset Management Inc. bought a new position in shares of State Street Corporation during the second quarter valued at approximately $211,000. Institutional investors and hedge funds own 88.62% of the company’s stock.
Shares of State Street Corporation (NYSE:STT) traded down 0.45% during midday trading on Friday, reaching $92.08. 2,274,002 shares of the company’s stock traded hands. State Street Corporation has a 52 week low of $68.16 and a 52 week high of $96.26. The stock’s 50 day moving average is $91.78 and its 200-day moving average is $83.61. The company has a market capitalization of $34.43 billion, a PE ratio of 17.00 and a beta of 1.30.
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, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The company 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%. State Street Corporation’s revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.46 earnings per share. On average, analysts forecast that State Street Corporation will post $6.13 earnings per share for the current fiscal year.
State Street Corporation announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be issued a $0.42 dividend. This is a positive change from State Street Corporation’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, September 29th. This represents a $1.68 annualized dividend and a yield of 1.82%. State Street Corporation’s dividend payout ratio is 28.15%.
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Several brokerages recently commented on STT. UBS AG raised shares of State Street Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the company from $86.00 to $92.00 in a research report on Monday, June 5th. Keefe, Bruyette & Woods set a $88.00 price target on shares of State Street Corporation and gave the stock a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research report on Tuesday, July 11th. Wells Fargo & Company assumed coverage on shares of State Street Corporation in a research report on Wednesday. They set an “outperform” rating and a $115.00 price target for the company. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $87.00 target price on shares of State Street Corporation in a report on Monday, June 19th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $90.18.
In related news, Chairman Joseph L. Hooley sold 5,666 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $87.88, for a total transaction of $497,928.08. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $93.38, for a total value of $466,900.00. The disclosure for this sale can be found here. Insiders sold 16,069 shares of company stock worth $1,422,969 in the last three months. 0.64% of the stock is owned by corporate insiders.
State Street Corporation Company Profile
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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