Bank of New York Mellon Corp purchased a new stake in State Street Corporation (NYSE:STT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,777,084 shares of the asset manager's stock, valued at approximately $301,393,000. Bank of New York Mellon Corp owned about 0.65% of State Street as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC bought a new stake in shares of State Street during the fourth quarter worth approximately $29,000. JPL Wealth Management LLC acquired a new stake in State Street during the 3rd quarter worth $29,000. Phillip James Consulting Co. acquired a new stake in State Street during the 4th quarter worth $30,000. Elevation Wealth Partners LLC raised its position in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock valued at $30,000 after acquiring an additional 106 shares during the last quarter. Finally, Kelleher Financial Advisors bought a new stake in shares of State Street during the 2nd quarter valued at $33,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.
State Street Trading Up 2.3%
Shares of NYSE:STT opened at $187.22 on Friday. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.18. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company's fifty day simple moving average is $180.11 and its 200 day simple moving average is $153.79. The firm has a market cap of $51.43 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.77 and a beta of 1.41.
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 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 analysts' expectations of $3.88 billion. During the same period in the previous year, the firm posted $2.04 EPS. The firm's revenue was up 23.3% compared to the same quarter last year. As a group, research analysts forecast 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 given a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from State Street's previous quarterly dividend of $0.84. State Street's payout ratio is 29.63%.
Insider Activity at State Street
In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP W. Bradford Hu sold 9,758 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $9,187,988.88. This trade represents a 16.39% 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. In the last quarter, insiders have sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is owned by insiders.
Analysts Set New Price Targets
A number of research firms recently commented on STT. UBS Group set a $176.00 price objective on State Street in a report on Friday, June 26th. Citigroup lifted their price objective 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. Bank of America boosted their price objective on shares of State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. Morgan Stanley upped their target price on shares of State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Finally, Royal Bank Of Canada increased their target price on shares of State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $185.38.
View Our Latest Research Report on STT
State Street Company 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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