1,685,945 Shares in State Street Corporation $STT Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 1.69 million State Street shares worth approximately $285.9 million in the second quarter, representing about 0.61% of the company. Institutional investors collectively own 87.44% of State Street.
• Analysts maintain a generally positive outlook, with State Street holding a consensus “Moderate Buy” rating and an average price target of $185.38. Recent target increases ranged from $187 to $200.
• State Street exceeded quarterly earnings and revenue expectations, reporting $3.65 in EPS and $4.05 billion in revenue, while increasing its quarterly dividend to $0.92 per share, yielding approximately 2.0%.

Bank of America Corp DE purchased a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,685,945 shares of the asset manager's stock, valued at approximately $285,936,000. Bank of America Corp DE owned about 0.61% of State Street as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Bell Investment Advisors Inc bought a new position in shares of State Street in the 2nd quarter valued at about $28,000. Phillip James Consulting Co. bought a new position in State Street during the fourth quarter worth about $30,000. Elevation Wealth Partners LLC increased its position in State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock worth $30,000 after buying an additional 106 shares during the last quarter. Kelleher Financial Advisors bought a new stake in State Street in the second quarter valued at approximately $33,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in shares of State Street in the second quarter valued at approximately $33,000. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on STT shares. Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Royal Bank Of Canada increased their price objective on shares of State Street from $155.00 to $196.00 and gave the company a "sector perform" rating in a research report on Friday, July 17th. JPMorgan Chase & Co. lifted their target price on shares of State Street from $176.50 to $187.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Truist Financial reiterated a "hold" rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, Barclays increased their price target on shares of State Street from $165.00 to $200.00 and gave the company an "equal weight" rating in a report on Friday, July 17th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, State Street currently has a consensus rating of "Moderate Buy" and an average price target of $185.38.

Insider Activity at State Street

In related news, CEO Ronald O’Hanley sold 14,553 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares of the company's stock, valued at $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the firm's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company's stock.

State Street Stock Down 1.2%

STT opened at $182.84 on Thursday. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.93. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $50.23 billion, a P/E ratio of 16.12, a P/E/G ratio of 0.88 and a beta of 1.41. The stock has a fifty day moving average of $187.25 and a 200-day moving average of $161.74.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the company posted $2.04 earnings per share. State Street's revenue was up 23.3% compared to the same quarter last year. On average, equities analysts expect that State Street Corporation will post 13.76 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is a boost from State Street's previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street's payout ratio is 29.63%.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.

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