Ferguson Wellman Capital Management Inc. Has $137.21 Million Stake in State Street Corporation $STT

Key Points

• Ferguson Wellman Capital Management cut its State Street stake by 19.9% in the second quarter, selling 201,223 shares. It still owned 809,023 shares valued at approximately $137.21 million.
• State Street reported strong quarterly results, with earnings of $3.65 per share and revenue of $4.05 billion, exceeding analyst estimates; revenue rose 23.3% year over year.
• The company increased its quarterly dividend from $0.84 to $0.92 per share, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating.

Ferguson Wellman Capital Management Inc. trimmed its stake in State Street Corporation (NYSE:STT - Free Report) by 19.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 809,023 shares of the asset manager's stock after selling 201,223 shares during the quarter. State Street accounts for 1.7% of Ferguson Wellman Capital Management Inc.'s portfolio, making the stock its 15th largest position. Ferguson Wellman Capital Management Inc. owned about 0.29% of State Street worth $137,210,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. IFM Investors Pty Ltd raised its holdings in shares of State Street by 9.7% in the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager's stock worth $10,699,000 after purchasing an additional 7,469 shares during the period. New York State Teachers Retirement System boosted its stake in shares of State Street by 9.7% in the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager's stock valued at $38,464,000 after purchasing an additional 26,862 shares during the period. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of State Street during the fourth quarter valued at about $935,000. Illinois Municipal Retirement Fund grew its stake in State Street by 18.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager's stock valued at $10,856,000 after purchasing an additional 13,245 shares in the last quarter. Finally, Global Retirement Partners LLC increased its stake in shares of State Street by 476.7% in the fourth quarter. Global Retirement Partners LLC now owns 8,478 shares of the asset manager's stock worth $1,094,000 after buying an additional 7,008 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 0.0%

Shares of STT stock opened at $193.42 on Friday. The stock's 50 day simple moving average is $182.46 and its 200 day simple 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. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.93. The company has a market capitalization of $53.13 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm's revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.04 EPS. As a group, research analysts predict that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. 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 payout ratio is currently 29.63%.

Insiders Place Their Bets

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the business's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares of the company's stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares of the company's stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. 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 ninety days, insiders have sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research reports. Citigroup increased their target price on shares of State Street from $193.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, July 17th. The Goldman Sachs Group lifted their target price on State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. UBS Group set a $176.00 price objective on shares of State Street in a report on Friday, June 26th. Wells Fargo & Company raised their target price on State Street from $196.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Finally, Weiss Ratings restated a "buy (b+)" rating on shares of State Street in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $185.38.

About State Street

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source