State Street Corporation (STT) Stake Held by Livforsakringsbolaget Skandia Omsesidigt
Livforsakringsbolaget Skandia Omsesidigt held its stake in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 7,312 shares of the asset manager’s stock at the end of the second quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in State Street Corporation were worth $656,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. State of Alaska Department of Revenue acquired a new stake in shares of State Street Corporation during the first quarter valued at $123,000. FTB Advisors Inc. increased 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 last quarter. Pinnacle Bank purchased a new position in State Street Corporation during the first quarter valued at approximately $129,000. Salem Investment Counselors Inc. increased 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 last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in State Street Corporation during the first quarter valued at approximately $155,000. Hedge funds and other institutional investors own 88.62% of the company’s stock.
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State Street Corporation (STT) traded down 1.89% during mid-day trading on Thursday, hitting $92.50. The stock had a trading volume of 2,297,446 shares. The stock has a market cap of $34.59 billion, a P/E ratio of 17.08 and a beta of 1.30. State Street Corporation has a 52-week low of $67.55 and a 52-week high of $96.26. The firm has a 50-day moving average of $91.60 and a 200-day moving average of $83.44.
State Street Corporation (NYSE:STT) last issued its earnings results on Wednesday, July 26th. The asset manager reported $1.67 EPS for the quarter, topping analysts’ consensus estimates 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 19.97% and a return on equity of 12.49%. The company’s revenue was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. On average, analysts forecast that State Street Corporation will post $6.13 EPS for the current fiscal year.
State Street Corporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $1.40 billion in shares. This buyback authorization allows the asset manager to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Friday, September 29th. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s dividend payout ratio is currently 28.15%.
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STT has been the topic of several research reports. Buckingham Research restated a “buy” rating and set a $107.00 price objective (up from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Goldman Sachs Group, Inc. (The) raised their price objective on State Street Corporation from $88.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, May 1st. BidaskClub upgraded State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. UBS AG upgraded State Street Corporation from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $86.00 to $92.00 in a report on Monday, June 5th. Finally, Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. State Street Corporation currently has a consensus rating of “Hold” and a consensus price target of $90.18.
In other State Street Corporation news, Chairman Joseph L. Hooley sold 5,666 shares of the company’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider George E. Sullivan sold 2,718 shares of the stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $81.81, for a total transaction of $222,359.58. Following the sale, the insider now owns 73,090 shares of the company’s stock, valued at approximately $5,979,492.90. The disclosure for this sale can be found here. Insiders sold 16,069 shares of company stock valued at $1,422,969 in the last 90 days. 0.64% of the stock is currently owned by 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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