State Street Corporation (STT) Position Decreased by US Bancorp DE

US Bancorp DE reduced its stake in State Street Corporation (NYSE:STT) by 9.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 242,779 shares of the asset manager’s stock after selling 24,347 shares during the period. US Bancorp DE owned 0.06% of State Street Corporation worth $21,786,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in State Street Corporation during the first quarter valued at $123,000. FTB Advisors Inc. raised its position in 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 acquired a new position in State Street Corporation during the first quarter valued at $129,000. NEXT Financial Group Inc raised its position in State Street Corporation by 5.5% in the second quarter. NEXT Financial Group Inc now owns 1,450 shares of the asset manager’s stock valued at $130,000 after buying an additional 75 shares during the period. Finally, Salem Investment Counselors Inc. raised its position in State Street Corporation by 2,677.8% in the first quarter. Salem Investment Counselors Inc. now owns 1,000 shares of the asset manager’s stock valued at $131,000 after buying an additional 964 shares during the period. 88.64% of the stock is owned by hedge funds and other institutional investors.

Shares of State Street Corporation (NYSE STT) traded up 0.69% during trading on Friday, hitting $92.42. The stock had a trading volume of 1,916,334 shares. State Street Corporation has a 52-week low of $67.55 and a 52-week high of $96.26. The stock has a 50 day moving average of $92.42 and a 200 day moving average of $84.16. The firm has a market cap of $34.56 billion, a PE ratio of 17.06 and a beta of 1.30.

State Street Corporation (NYSE:STT) last posted its quarterly earnings results 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. State Street Corporation had a net margin of 19.97% and a return on equity of 12.49%. The firm had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.86 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities analysts anticipate that State Street Corporation will post $6.15 EPS for the current year.

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

The business 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 $0.42 dividend. The ex-dividend date is Friday, September 29th. This represents a $1.68 annualized dividend and a yield of 1.82%. This is a boost from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio (DPR) is currently 28.15%.

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Several brokerages have recently commented on STT. Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and raised their target price for the company from $92.00 to $100.00 in a research note on Wednesday, June 28th. Wells Fargo & Company began coverage on State Street Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 target price for the company. Deutsche Bank AG reduced their target price on State Street Corporation from $81.00 to $80.00 and set a “hold” rating for the company in a research note on Monday, April 24th. Barclays PLC raised their target price on State Street Corporation from $95.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. 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. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. State Street Corporation currently has an average rating of “Hold” and a consensus price target of $90.18.

In related news, EVP Jeffrey N. Carp sold 2,656 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total value of $233,409.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Joseph L. Hooley sold 5,666 shares of the firm’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 $497,928.08. The disclosure for this sale can be found here. Insiders sold 17,136 shares of company stock worth $1,551,722 in the last 90 days. 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.

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

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