Thompson Rubinstein Investment Management Inc. OR Cuts Stake in State Street Corporation (STT)

Thompson Rubinstein Investment Management Inc. OR decreased its position in shares of State Street Corporation (NYSE:STT) by 6.7% during the second quarter, Holdings Channel reports. The institutional investor owned 19,474 shares of the asset manager’s stock after selling 1,400 shares during the period. Thompson Rubinstein Investment Management Inc. OR’s holdings in State Street Corporation were worth $1,747,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in State Street Corporation by 5.3% in the first quarter. Vanguard Group Inc. now owns 23,574,037 shares of the asset manager’s stock worth $1,876,730,000 after buying an additional 1,180,527 shares in the last quarter. BlackRock Inc. increased its position in State Street Corporation by 2,256.7% in the first quarter. BlackRock Inc. now owns 20,603,959 shares of the asset manager’s stock worth $1,640,284,000 after buying an additional 19,729,678 shares in the last quarter. FMR LLC increased its position in State Street Corporation by 3.5% in the first quarter. FMR LLC now owns 18,048,219 shares of the asset manager’s stock worth $1,436,818,000 after buying an additional 607,920 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in State Street Corporation by 9.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,262,504 shares of the asset manager’s stock worth $418,948,000 after buying an additional 432,832 shares in the last quarter. Finally, Boston Partners increased its position in State Street Corporation by 48.7% in the first quarter. Boston Partners now owns 4,845,157 shares of the asset manager’s stock worth $385,723,000 after buying an additional 1,587,871 shares in the last quarter. Institutional investors and hedge funds own 87.97% of the company’s stock.

Shares of State Street Corporation (STT) opened at 92.07 on Monday. State Street Corporation has a 52-week low of $55.88 and a 52-week high of $92.31. The firm has a market capitalization of $34.64 billion, a price-to-earnings ratio of 17.23 and a beta of 1.29. The firm has a 50-day moving average of $84.95 and a 200 day moving average of $80.96.

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State Street Corporation (NYSE:STT) last released its quarterly earnings results on Wednesday, April 26th. The asset manager reported $1.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.11. State Street Corporation had a net margin of 20.54% and a return on equity of 12.38%. The business had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the prior year, the company posted $0.98 earnings per share. State Street Corporation’s revenue was up 7.4% compared to the same quarter last year. Analysts predict that State Street Corporation will post $5.94 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 18th. Investors of record on Monday, July 3rd will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.52 annualized dividend and a dividend yield of 1.65%. State Street Corporation’s dividend payout ratio (DPR) is presently 28.46%.

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STT has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Tuesday, July 11th. Buckingham Research restated a “buy” rating and set a $107.00 price target (up previously from $94.00) on shares of State Street Corporation in a report on Monday, July 10th. Deutsche Bank AG cut their price target on shares of State Street Corporation from $85.00 to $84.00 and set a “hold” rating on the stock in a report on Thursday, April 6th. BidaskClub upgraded shares of State Street Corporation from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Finally, Credit Suisse Group restated a “neutral” rating and set a $82.00 price target (up previously from $80.00) on shares of State Street Corporation in a report on Tuesday, March 21st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. State Street Corporation currently has an average rating of “Hold” and a consensus target price of $87.75.

In related news, EVP Karen C. Keenan sold 1,000 shares of the company’s stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $78.56, for a total value of $78,560.00. Following the transaction, the executive vice president now directly owns 60,934 shares in the company, valued at $4,786,975.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey N. Carp sold 2,656 shares of the company’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $87.88, for a total transaction of $233,409.28. The disclosure for this sale can be found here. Insiders sold 14,069 shares of company stock worth $1,201,189 over the last 90 days. 0.64% of the stock is currently 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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Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

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