Diversify Advisory Services LLC Takes Position in State Street Corporation $STT

Key Points

• Diversify Advisory Services LLC acquired 8,456 shares of State Street in the second quarter, valued at approximately $1.56 million. 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.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $185.38. State Street also raised its quarterly dividend from $0.84 to $0.92 per share, producing a 2.0% annualized yield.

Diversify Advisory Services LLC acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 8,456 shares of the asset manager's stock, valued at approximately $1,562,000.

A number of other hedge funds have also made changes to their positions in the business. Brighton Jones LLC acquired a new stake in State Street during the 4th quarter valued at approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of State Street by 2.9% during 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 in the last quarter. NewEdge Advisors LLC increased its stake 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 raised its holdings in State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after acquiring an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP boosted its stake in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after acquiring an additional 6,767 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares of the company's stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 49,576 shares of company stock valued at $8,415,875 over the last ninety days. Insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on STT. Zacks Research raised State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Evercore set a $200.00 target price on State Street in a research report on Monday, July 20th. Royal Bank Of Canada boosted their price target on State Street from $155.00 to $196.00 and gave the company a "sector perform" rating in a report on Friday, July 17th. Morgan Stanley upped their price target on State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Friday, July 17th. Two investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $185.38.

State Street Stock Performance

Shares of NYSE STT opened at $185.91 on Thursday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a 50 day simple moving average of $179.34 and a 200-day simple moving average of $153.18. The company has a market cap of $51.07 billion, a PE ratio of 16.39, a P/E/G ratio of 0.79 and a beta of 1.41. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.18.

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

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio is currently 29.63%.

State Street Company Profile

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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