Farther Finance Advisors LLC Purchases 12,175 Shares of State Street Corporation $STT

Key Points

• Farther Finance Advisors LLC significantly increased its stake in State Street Corporation by 426.9% in Q2, owning 15,027 shares valued at approximately $1.6 million.
• State Street has boosted its quarterly dividend to $0.84, marking an increase from the previous dividend of $0.76, reflecting a yield of 3.0%.
• Analysts are bullish on State Street, with several firms raising their price targets, resulting in a consensus rating of "Moderate Buy" and a target price of $114.18.

Farther Finance Advisors LLC raised its stake in State Street Corporation (NYSE:STT - Free Report) by 426.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,027 shares of the asset manager's stock after acquiring an additional 12,175 shares during the period. Farther Finance Advisors LLC's holdings in State Street were worth $1,598,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. First Pacific Financial acquired a new position in shares of State Street during the first quarter valued at $25,000. Capital Analysts LLC grew its position in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after buying an additional 274 shares during the period. Larson Financial Group LLC grew its position in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the period. Golden State Wealth Management LLC grew its position in shares of 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. grew its position in shares of 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. Institutional investors own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on STT shares. Wells Fargo & Company boosted their price objective on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Evercore ISI boosted their price objective on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Bank of America boosted their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Morgan Stanley boosted their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, The Goldman Sachs Group boosted their target price on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $114.18.

State Street Stock Down 0.3%

STT opened at $112.95 on Wednesday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37. The stock's fifty day simple moving average is $111.88 and its 200 day simple moving average is $99.89. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $32.05 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.11 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 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.15 EPS. As a group, research 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 $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 3.0%. 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. State Street's payout ratio is 34.04%.

Insiders Place Their Bets

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

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.

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