Fox Run Management L.L.C. Acquires Shares of 10,938 State Street Corporation $STT

Key Points

• Fox Run Management L.L.C. recently acquired 10,938 shares of State Street Corporation, valued at approximately $979,000, as reported in their Form 13F filing with the SEC.
• State Street announced an increase in its quarterly dividend from $0.76 to $0.84 per share, resulting in an annualized dividend yield of 3.0%.
• Several research analysts have recently revised their price targets for State Street, with Wells Fargo raising its target from $113.00 to $121.00 and maintaining an "overweight" rating.

Fox Run Management L.L.C. acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 10,938 shares of the asset manager's stock, valued at approximately $979,000.

Several other hedge funds also recently modified their holdings of STT. Brighton Jones LLC acquired a new stake in shares of State Street during the fourth quarter worth approximately $296,000. Rockefeller Capital Management L.P. increased its holdings in shares of State Street by 5.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 26,052 shares of the asset manager's stock worth $2,552,000 after buying an additional 1,421 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of State Street by 143.7% during the fourth quarter. Marshall Wace LLP now owns 319,307 shares of the asset manager's stock worth $31,340,000 after buying an additional 188,286 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of State Street by 31.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 449,595 shares of the asset manager's stock worth $44,128,000 after buying an additional 106,565 shares in the last quarter. Finally, Alpha DNA Investment Management LLC bought a new stake in shares of State Street during the fourth quarter valued at approximately $823,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on STT shares. Wells Fargo & Company increased their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Evercore ISI increased their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Citigroup raised their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Bank of America raised their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.82.

Insider Buying and Selling at State Street

In other 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 transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by corporate insiders.

State Street Stock Up 0.3%

STT stock traded up $0.3340 during midday trading on Wednesday, hitting $111.4840. The company's stock had a trading volume of 970,439 shares, compared to its average volume of 2,071,569. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $114.28. The company's fifty day moving average price is $107.41 and its 200 day moving average price is $97.16. The stock has a market capitalization of $31.63 billion, a P/E ratio of 12.49, a PEG ratio of 1.22 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.15 EPS. As a group, equities research analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

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

State Street Company 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.