Alamea Verwaltungs GmbH Takes $615,000 Position in State Street Corporation $STT

Key Points

• Alamea Verwaltungs GmbH purchased 6,864 shares of State Street Corporation (NYSE: STT) in Q1, valued at approximately $615,000, making it the firm’s 28th largest investment.
• State Street recently increased its quarterly dividend to $0.84 per share, which represents a 2.9% dividend yield and is a boost from the previous $0.76 dividend.
• In its latest earnings report, State Street beat expectations with $2.53 EPS and $3.47 billion in revenue, showing a 2.9% increase compared to the same quarter last year.

Alamea Verwaltungs GmbH acquired a new position in State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,864 shares of the asset manager's stock, valued at approximately $615,000. State Street accounts for about 0.5% of Alamea Verwaltungs GmbH's portfolio, making the stock its 28th biggest holding.

Other hedge funds also recently added to or reduced their stakes in the company. First Pacific Financial purchased a new stake in State Street in the first quarter worth about $25,000. Capital Analysts LLC lifted its stake in State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after acquiring an additional 274 shares during the period. Larson Financial Group LLC lifted its stake in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after acquiring an additional 118 shares during the period. Golden State Wealth Management LLC lifted its stake in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after acquiring an additional 310 shares during the period. Finally, Minot DeBlois Advisors LLC purchased a new stake in State Street in the fourth quarter worth about $49,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on STT. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Morgan Stanley boosted their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Wells Fargo & Company boosted their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. The Goldman Sachs Group boosted their target price on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Evercore ISI boosted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $112.82.

State Street Stock Down 0.4%

Shares of STT traded down $0.43 during mid-day trading on Wednesday, hitting $112.83. 1,575,198 shares of the company traded hands, compared to its average volume of 1,464,996. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $32.01 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 1.13 and a beta of 1.50. The business has a 50 day moving average of $110.54 and a 200 day moving average of $98.24.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the company posted $2.15 earnings per share. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is presently 34.04%.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is owned by company insiders.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.