Godsey & Gibb Inc. Grows Stake in State Street Corporation $STT

Key Points

• Godsey & Gibb Inc. increased its stake in State Street Corporation by 1.8% during the second quarter, now holding 215,795 shares valued at approximately $22.95 million.
• State Street announced a quarterly dividend increase to $0.84 per share, up from $0.76, reflecting a 2.9% yield and a payout ratio of 37.63%.
• The latest earnings report showed State Street beating analyst estimates with an EPS of $2.53 and a revenue of $3.47 billion, up 2.9% year-over-year.

Godsey & Gibb Inc. lifted its position in shares of State Street Corporation (NYSE:STT - Free Report) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 215,795 shares of the asset manager's stock after purchasing an additional 3,723 shares during the period. State Street comprises 2.1% of Godsey & Gibb Inc.'s portfolio, making the stock its 23rd largest position. Godsey & Gibb Inc. owned 0.08% of State Street worth $22,948,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Assetmark Inc. increased its stake in shares of State Street by 61.9% in the first quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock worth $84,000 after buying an additional 357 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock worth $30,387,000 after purchasing an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after purchasing an additional 17,201 shares in the last quarter. Index Fund Advisors Inc. bought a new position in shares of State Street during the first quarter worth about $505,000. Finally, Bank of New York Mellon Corp grew its stake in State Street by 6.0% in the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after purchasing an additional 123,259 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Trading Up 0.5%

Shares of NYSE:STT opened at $117.00 on Tuesday. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $118.06. 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 firm has a market cap of $33.19 billion, a P/E ratio of 13.10, a P/E/G ratio of 1.13 and a beta of 1.46. The company has a 50 day moving average of $112.92 and a 200-day moving average of $101.72.

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 analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the company posted $2.15 EPS. The firm's quarterly revenue was up 2.9% on a year-over-year basis. As a group, analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced 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. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is currently 37.63%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on STT. TD Cowen started coverage on State Street in a research note on Thursday, September 25th. They set a "buy" rating on the stock. Bank of America raised their price target on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Morgan Stanley restated an "overweight" rating and set a $162.00 price objective on shares of State Street in a research report on Monday, September 29th. Citigroup raised State Street from a "neutral" rating to a "buy" rating and increased their target price for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Finally, BMO Capital Markets began coverage on shares of State Street in a report on Friday. They set an "outperform" rating and a $130.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have issued 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 has a consensus rating of "Moderate Buy" and an average price target of $122.83.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company's stock.

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.

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