Great Lakes Advisors LLC Invests $54.64 Million in State Street Corporation $STT

Key Points

• Great Lakes Advisors acquired 322,188 State Street shares worth approximately $54.64 million, representing 0.12% of the company. Institutional investors and hedge funds collectively own 87.44% of State Street.
• State Street exceeded quarterly expectations with adjusted EPS of $3.65 and revenue of $4.05 billion, up 23.3% year over year. The company also raised its quarterly dividend from $0.84 to $0.92 per share.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $185.38, while the stock recently traded near its one-year high at $192.03.

Great Lakes Advisors LLC acquired a new stake in State Street Corporation (NYSE:STT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 322,188 shares of the asset manager's stock, valued at approximately $54,644,000. Great Lakes Advisors LLC owned 0.12% of State Street as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in State Street in the 2nd quarter valued at approximately $4,139,389,000. Regents of The University of California increased its position in shares of State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager's stock worth $1,123,186,000 after acquiring an additional 5,908,370 shares during the period. Norges Bank purchased a new stake in shares of State Street during the fourth quarter worth $303,483,000. Bank of New York Mellon Corp acquired a new stake in shares of State Street in the second quarter valued at $301,393,000. Finally, Pinebridge Investments LLC acquired a new stake in shares of State Street in the fourth quarter valued at $178,705,000. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Down 0.5%

Shares of NYSE STT opened at $192.03 on Wednesday. The business has a 50-day moving average of $178.87 and a two-hundred day moving average of $152.80. The company has a market capitalization of $52.75 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the business posted $2.04 EPS. The business's revenue for the quarter was up 23.3% on a year-over-year basis. On average, analysts forecast that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is an increase from State Street's previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street's payout ratio is currently 29.63%.

Insider Buying and Selling at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the firm's stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares of the company's stock, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the business's stock in a transaction that occurred on 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 sale, the executive vice president owned 49,794 shares of the company's stock, valued at $9,187,988.88. This represents a 16.39% 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. Insiders have sold 49,576 shares of company stock worth $8,415,875 over the last three months. Insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on STT. JPMorgan Chase & Co. boosted their target price on State Street from $176.50 to $187.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. Argus lifted their price objective on State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research note on Tuesday, April 21st. Weiss Ratings raised State Street from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, May 28th. The Goldman Sachs Group upped their target price on shares of State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Finally, Barclays raised their target price on shares of State Street from $165.00 to $200.00 and gave the company an "equal weight" rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company 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.

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