Everstar Asset Management LLC Takes $2.15 Million Position in State Street Corporation $STT

Key Points

• Everstar Asset Management LLC acquired 23,965 shares of State Street Corporation for approximately $2.146 million, indicating growing institutional interest in the company.
• State Street recently announced a quarterly dividend increase from $0.76 to $0.84 per share, reflecting a positive change in financial performance.
• Several analysts have raised their target prices for State Street, with Citigroup upgrading the stock from a "neutral" to a "buy" rating and setting a new target price of $130.00.

Everstar Asset Management LLC purchased a new stake in State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 23,965 shares of the asset manager's stock, valued at approximately $2,146,000.

Other large investors have also recently bought and sold shares of the company. First Pacific Financial bought a new position in State Street in the 1st quarter valued at $25,000. Capital Analysts LLC boosted its holdings in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC boosted its holdings in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares during the period. Golden State Wealth Management LLC boosted its holdings in State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after purchasing an additional 310 shares during the period. Finally, MV Capital Management Inc. boosted its holdings in State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after purchasing an additional 251 shares during the period. 87.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

STT has been the subject of a number of research analyst reports. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. 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. Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their price objective on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $114.18.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by insiders.

State Street Trading Down 0.5%

Shares of NYSE STT traded down $0.54 during midday trading on Friday, hitting $112.40. 1,068,213 shares of the company traded hands, compared to its average volume of 1,686,478. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a 50-day moving average price of $111.35 and a 200 day moving average price of $98.98. The firm has a market cap of $31.89 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.10 and a beta of 1.50.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping 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 business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the firm posted $2.15 earnings per share. State Street's quarterly revenue was up 2.9% on a year-over-year basis. As a group, analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. State Street's payout ratio is presently 37.63%.

State Street 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.