Great Lakes Advisors LLC bought a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 19,329 shares of the asset manager's stock, valued at approximately $3,278,000.
Several other large investors have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in State Street in the 2nd quarter valued at $4,139,389,000. Regents of The University of California grew its stake in shares of State Street by 15.6% in the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager's stock worth $1,273,841,000 after acquiring an additional 1,358,923 shares in the last quarter. Morgan Stanley grew its stake in shares of State Street by 9.0% in the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager's stock worth $673,740,000 after acquiring an additional 433,201 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock valued at $588,227,000 after purchasing an additional 1,074,174 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager's stock valued at $506,534,000 after purchasing an additional 67,309 shares during the last quarter. Institutional investors own 87.44% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on STT shares. Barclays upped their price objective on shares of State Street from $165.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Bank of America boosted their target price on State Street from $160.00 to $190.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Citigroup upped their target price on State Street from $193.00 to $210.00 and gave the company a "buy" rating in a report on Friday, July 17th. Weiss Ratings raised State Street from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, May 28th. Finally, The Goldman Sachs Group raised their target price on State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $185.38.
Read Our Latest Analysis on State Street
Insider Buying and Selling at State Street
In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 dated 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 completion of the transaction, the chief executive officer owned 240,959 shares of the company's stock, valued at $44,377,419.03. The trade was 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. Insiders have sold a total of 49,576 shares of company stock valued at $8,415,875 over the last three months. 0.27% of the stock is currently owned by insiders.
State Street Stock Performance
NYSE:STT opened at $183.36 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The business has a fifty day simple moving average of $179.71 and a two-hundred day simple moving average of $153.55. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. The company has a market capitalization of $50.37 billion, a P/E ratio of 16.17, a P/E/G ratio of 0.76 and a beta of 1.41.
State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion for 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 business's revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.04 EPS. On average, analysts expect that State Street Corporation will post 13.75 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 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 2.0%. This is a boost from State Street's previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street's payout ratio is currently 29.63%.
About State Street
(
Free Report)
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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