Empowered Funds LLC Buys New Shares in State Street Corporation $STT

Key Points

• Empowered Funds LLC acquired 90,136 State Street shares worth approximately $15.2 million in the second quarter. Institutional investors and hedge funds collectively own 87.44% of STT.
• State Street reported strong quarterly results, with earnings of $3.65 per share and revenue of $4.05 billion, exceeding analyst expectations; revenue increased 23.3% year over year.
• Analysts have a “Moderate Buy” consensus rating and an average price target of $185.38. State Street also raised its quarterly dividend from $0.84 to $0.92 per share, implying a 1.9% yield.

Empowered Funds LLC acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 90,136 shares of the asset manager's stock, valued at approximately $15,211,000.

Several other institutional investors and hedge funds have also modified their holdings of STT. Western Wealth Management LLC lifted its position in State Street by 3.1% during the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager's stock valued at $253,000 after purchasing an additional 60 shares during the period. Arjuna Capital raised its stake in State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock valued at $3,243,000 after buying an additional 95 shares during the period. CX Institutional grew its position in shares of State Street by 1.0% in the second quarter. CX Institutional now owns 9,788 shares of the asset manager's stock valued at $1,660,000 after purchasing an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock worth $4,053,000 after purchasing an additional 100 shares during the period. Finally, Bridgewater Advisors Inc. raised its position in shares of State Street by 5.5% in the 1st quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager's stock valued at $246,000 after buying an additional 101 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm'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 completion of the transaction, the executive vice president owned 41,827 shares of the company's stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, July 21st. The stock was 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 $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 25,811 shares of company stock worth $4,723,982. Company insiders own 0.27% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on State Street from $176.50 to $187.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. UBS Group set a $176.00 price objective on shares of State Street in a research report on Friday, June 26th. The Goldman Sachs Group lifted their target price on State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Weiss Ratings restated a "buy (b+)" rating on shares of State Street in a research note on Tuesday. Finally, Zacks Research raised State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, State Street currently has a consensus rating of "Moderate Buy" and an average target price of $185.38.

State Street Stock Performance

Shares of STT stock opened at $193.42 on Friday. The company's 50-day moving average is $182.46 and its 200 day moving average is $155.95. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $53.13 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41. State Street Corporation has a one year low of $104.64 and a one year high of $195.93.

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 analysts' consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.88 billion. During the same quarter in the prior year, the business earned $2.04 earnings per share. State Street's revenue for the quarter was up 23.3% compared to the same quarter last year. Sell-side analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. 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. The ex-dividend date is Thursday, October 1st. State Street's dividend payout ratio (DPR) is 29.63%.

State Street 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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