35,791 Shares in State Street Corporation $STT Purchased by Flputnam Investment Management Co.

Key Points

• Flputnam Investment Management purchased 35,791 State Street shares worth approximately $6.07 million, while institutional investors collectively own 87.44% of the company.
• State Street reported strong quarterly results, with EPS of $3.65 exceeding estimates of $3.34 and revenue rising 23.3% year over year to $4.05 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $185.38, and State Street increased its quarterly dividend from $0.84 to $0.92 per share.

Flputnam Investment Management Co. purchased a new stake in State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 35,791 shares of the asset manager's stock, valued at approximately $6,070,000.

A number of other institutional investors have also recently modified their holdings of STT. Regents of The University of California raised its stake in State Street by 15.6% in the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager's stock valued at $1,273,841,000 after purchasing an additional 1,358,923 shares in the last quarter. Morgan Stanley grew its stake in State Street by 9.0% during the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager's stock worth $673,740,000 after buying an additional 433,201 shares in the last quarter. Victory Capital Management Inc. increased its holdings in State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock valued at $588,227,000 after buying an additional 1,074,174 shares during the period. Franklin Resources Inc. increased its holdings in State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager's stock valued at $506,534,000 after buying an additional 67,309 shares during the period. Finally, First Trust Advisors LP raised its position in shares of State Street by 30.4% in the 4th quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager's stock valued at $462,240,000 after buying an additional 835,331 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the 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 directly owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares of the company's stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 49,576 shares of company stock valued at $8,415,875. Company insiders own 0.27% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Evercore set a $200.00 price target on shares of State Street in a report on Monday, July 20th. Weiss Ratings raised shares of State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, May 28th. Seaport Research Partners restated a "buy" rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Royal Bank Of Canada boosted their price target on State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a report on Friday, July 17th. Finally, Citigroup increased their price objective on shares of State Street from $193.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, State Street presently has an average rating of "Moderate Buy" and an average target price of $185.38.

State Street Stock Performance

Shares of STT stock opened at $191.92 on Monday. The stock has a market capitalization of $52.72 billion, a PE ratio of 16.92, a PEG ratio of 0.79 and a beta of 1.41. The business's 50 day simple moving average is $177.65 and its 200 day simple moving average is $151.88. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corporation has a one year low of $104.64 and a one year high of $192.51.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the firm posted $2.04 EPS. The company's quarterly revenue was up 23.3% on a year-over-year basis. As a group, research analysts forecast that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. This is a boost from State Street's previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street's payout ratio is 29.63%.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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