Banque Cantonale Vaudoise Purchases Shares of 15,499 State Street Corporation (NYSE:STT)

Key Points

• Banque Cantonale Vaudoise has acquired approximately $1.39 million in shares of State Street Corporation, purchasing 15,499 shares during the first quarter.
• State Street recently increased its quarterly dividend from $0.76 to $0.84 per share, reflecting a positive annual yield of 2.97%.
• In its latest earnings report, State Street beat analysts' expectations with $2.53 earnings per share and reported revenue of $3.47 billion, which is up 2.9% year-over-year.

Banque Cantonale Vaudoise purchased a new stake in State Street Corporation (NYSE:STT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 15,499 shares of the asset manager's stock, valued at approximately $1,387,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after purchasing an additional 1,622,408 shares during the last quarter. FMR LLC boosted its stake in State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after acquiring an additional 870,849 shares during the last quarter. Azora Capital LP bought a new position in shares of State Street in the 4th quarter worth about $80,294,000. Northern Trust Corp lifted its position in shares of State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after buying an additional 563,790 shares during the last quarter. Finally, Miller Howard Investments Inc. NY acquired a new stake in shares of State Street in the 1st quarter worth about $42,504,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Citigroup raised their price target on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Barclays reduced their target price on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, State Street currently has a consensus rating of "Hold" and an average price target of $112.00.

State Street Price Performance

NYSE STT traded down $3.20 on Friday, hitting $108.55. 1,984,159 shares of the company were exchanged, compared to its average volume of 2,338,531. The firm has a 50 day moving average of $104.11 and a two-hundred day moving average of $96.23. The company has a market cap of $30.96 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.21 and a beta of 1.48. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $114.28.

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

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.1%. State Street's dividend payout ratio (DPR) is currently 34.04%.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.

State Street Company Profile

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.