HPM Partners LLC Raises Holdings in State Street Corporation (STT)

HPM Partners LLC raised its position in shares of State Street Corporation (NYSE:STT) by 330.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,163 shares of the asset manager’s stock after buying an additional 16,244 shares during the quarter. HPM Partners LLC’s holdings in State Street Corporation were worth $1,234,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of State Street Corporation by 2,256.7% during the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock valued at $1,640,284,000 after acquiring an additional 19,729,678 shares in the last quarter. Longview Partners Guernsey LTD bought a new position in shares of State Street Corporation during the first quarter valued at $340,683,000. Boston Partners increased its holdings in shares of State Street Corporation by 48.7% during the first quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock valued at $385,723,000 after acquiring an additional 1,587,871 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of State Street Corporation by 5.3% during the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock valued at $1,876,730,000 after acquiring an additional 1,180,527 shares in the last quarter. Finally, Thrivent Financial For Lutherans increased its holdings in State Street Corporation by 6,361.2% in the 1st quarter. Thrivent Financial For Lutherans now owns 819,920 shares of the asset manager’s stock worth $65,274,000 after buying an additional 807,230 shares in the last quarter. 87.36% of the stock is owned by institutional investors and hedge funds.

State Street Corporation (NYSE STT) traded down 0.06% during mid-day trading on Friday, reaching $94.04. The company’s stock had a trading volume of 5,229,299 shares. The company has a market cap of $35.17 billion, a PE ratio of 17.36 and a beta of 1.31. The firm’s 50 day moving average is $93.24 and its 200-day moving average is $86.10. State Street Corporation has a 12-month low of $68.16 and a 12-month high of $96.26.

State Street Corporation (NYSE:STT) last released 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 firm 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 company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.46 EPS. Equities analysts anticipate that State Street Corporation will post $6.15 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.79%. This is an increase from State Street Corporation’s previous quarterly dividend of $0.38. State Street Corporation’s payout ratio is currently 28.15%.

State Street Corporation declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $1.40 billion in outstanding shares. This repurchase authorization allows the asset manager to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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In other State Street Corporation news, insider Andrew Erickson sold 353 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $93.01, for a total value of $32,832.53. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Amelia C. Fawcett sold 5,000 shares of the company’s 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. In the last three months, insiders have sold 8,814 shares of company stock worth $820,385. Corporate insiders own 0.71% of the company’s stock.

Several research firms recently commented on STT. Zacks Investment Research upgraded State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a report on Thursday, July 27th. Wells Fargo & Company initiated coverage on State Street Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $115.00 price objective for the company. Barclays PLC raised their target price on State Street Corporation from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods set a $93.00 target price on State Street Corporation and gave the stock a “hold” rating in a research report on Monday, August 28th. Finally, Buckingham Research reissued a “buy” rating and issued a $107.00 target price (up from $94.00) on shares of State Street Corporation in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. State Street Corporation presently has an average rating of “Hold” and an average target price of $91.50.

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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