Achmea Investment Management B.V. lowered its position in State Street Corporation (NYSE:STT) by 27.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,879 shares of the asset manager’s stock after selling 27,055 shares during the quarter. Achmea Investment Management B.V.’s holdings in State Street Corporation were worth $6,266,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of STT. Parallel Advisors LLC lifted its stake in State Street Corporation by 18.0% in the second quarter. Parallel Advisors LLC now owns 1,129 shares of the asset manager’s stock valued at $105,000 after buying an additional 172 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in State Street Corporation in the second quarter valued at approximately $107,000. Bronfman E.L. Rothschild L.P. lifted its stake in State Street Corporation by 15.3% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,266 shares of the asset manager’s stock valued at $114,000 after buying an additional 168 shares during the last quarter. NEXT Financial Group Inc lifted its stake 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 last quarter. Finally, Salem Investment Counselors Inc. lifted its stake 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. Institutional investors own 87.41% of the company’s stock.
Shares of State Street Corporation (NYSE:STT) traded down 1.26% on Thursday, reaching $97.11. The company had a trading volume of 293,473 shares. The stock has a 50 day moving average price of $95.61 and a 200-day moving average price of $89.09. State Street Corporation has a 12 month low of $68.54 and a 12 month high of $99.99. The company has a market capitalization of $36.31 billion, a price-to-earnings ratio of 17.93 and a beta of 1.31.
State Street Corporation (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 26th. The asset manager reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.10. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.86 billion. State Street Corporation had a return on equity of 12.49% and a net margin of 19.97%. The business’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the business posted $1.46 EPS. Analysts forecast that State Street Corporation will post $6.18 EPS for the current fiscal year.
State Street Corporation announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $1.40 billion in outstanding shares. This buyback authorization allows the asset manager to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other State Street Corporation news, insider Andrew Erickson sold 353 shares of State Street Corporation stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total transaction of $32,832.53. Following the sale, the insider now owns 21,170 shares of the company’s stock, valued at approximately $1,969,021.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of State Street Corporation 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 have sold a total of 8,814 shares of company stock worth $820,385 in the last ninety days. 0.71% of the stock is owned by company insiders.
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A number of equities research analysts have weighed in on STT shares. BidaskClub upgraded State Street Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 22nd. Royal Bank Of Canada reiterated a “hold” rating and issued a $86.00 price objective on shares of State Street Corporation in a research note on Friday, June 23rd. Goldman Sachs Group, Inc. (The) upgraded State Street Corporation from a “buy” rating to a “conviction-buy” rating and boosted their price objective for the company from $92.00 to $100.00 in a research note on Wednesday, June 28th. Keefe, Bruyette & Woods set a $88.00 price objective on State Street Corporation and gave the company a “hold” rating in a research note on Saturday, July 1st. Finally, Buckingham Research reiterated a “buy” rating and issued a $107.00 price objective (up previously from $94.00) on shares of State Street Corporation in a research note on Monday, July 10th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $95.07.
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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