Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,729 shares of the asset manager's stock, valued at approximately $1,141,000.
A number of other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC purchased a new stake in shares of State Street during the 4th quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after buying an additional 918 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock worth $913,000 after buying an additional 5,226 shares during the last quarter. Empowered Funds LLC grew its position in State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after buying an additional 15,996 shares during the period. Finally, Woodline Partners LP grew its position in State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after buying an additional 6,767 shares during the period. Institutional investors own 87.44% of the company's stock.
State Street Price Performance
Shares of NYSE:STT opened at $193.42 on Monday. 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 1-year low of $104.64 and a 1-year high of $195.93. The company has a market capitalization of $53.13 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.80 and a beta of 1.41. The firm's 50 day simple moving average is $182.46 and its two-hundred day simple moving average is $156.10.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company's revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.04 earnings per share. Research analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.
State Street Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 1.9%. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's payout ratio is currently 29.63%.
Insiders Place Their Bets
In other State Street 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 completion of the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 25,811 shares of company stock worth $4,723,982. Corporate insiders own 0.27% of the company's stock.
Analyst Ratings Changes
STT has been the topic of several analyst reports. Citigroup lifted their price target on shares of State Street from $193.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, July 17th. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. raised their target price on State Street from $176.50 to $187.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Royal Bank Of Canada lifted their target price on State Street from $155.00 to $196.00 and gave the company a "sector perform" rating in a research report on Friday, July 17th. Finally, Weiss Ratings reissued a "buy (b+)" rating on shares of State Street in a report on Tuesday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $185.38.
Check Out Our Latest Analysis on State Street
State Street Profile
(
Free Report)
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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