State Street Corporation (NYSE:STT) Shares Acquired by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC increased its stake in State Street Corporation by 53.7% during the first quarter, acquiring an additional 2,944 shares, bringing their total to 8,425 shares valued at $754,000.
• State Street Corporation announced a quarterly dividend of $0.84, an increase from the previous $0.76, with a yield of 2.97%, set to be paid on October 14th.
• Several analysts have raised their target prices for State Street, with Wells Fargo lifting its price objective from $113.00 to $121.00, indicating a strong outlook for the company's stock.

HB Wealth Management LLC lifted its holdings in State Street Corporation (NYSE:STT - Free Report) by 53.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,425 shares of the asset manager's stock after purchasing an additional 2,944 shares during the quarter. HB Wealth Management LLC's holdings in State Street were worth $754,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in STT. First Heartland Consultants Inc. acquired a new stake in State Street during the 1st quarter worth about $262,000. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of State Street by 114.9% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 198,030 shares of the asset manager's stock valued at $17,730,000 after buying an additional 105,894 shares during the period. Wilkins Investment Counsel Inc. lifted its holdings in shares of State Street by 2.7% in the 1st quarter. Wilkins Investment Counsel Inc. now owns 14,950 shares of the asset manager's stock valued at $1,338,000 after buying an additional 400 shares during the period. Assetmark Inc. lifted its holdings in shares of State Street by 61.9% in the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock valued at $84,000 after buying an additional 357 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in shares of State Street by 0.6% in the 1st quarter. Cetera Investment Advisers now owns 43,293 shares of the asset manager's stock valued at $3,876,000 after buying an additional 270 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Morgan Stanley boosted their price objective on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Barclays decreased their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Bank of America boosted their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Finally, Evercore ISI upped their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $112.00.

Insider Buying and Selling

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer directly owned 7,354 shares in the company, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael L. Richards sold 990 shares of the company's 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 completion of the sale, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

State Street Price Performance

NYSE:STT traded down $3.20 during trading hours on Friday, hitting $108.55. 1,984,159 shares of the stock were exchanged, compared to its average volume of 2,338,531. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $114.28. The firm's fifty day moving average price is $104.11 and its 200 day moving average price is $96.23. 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 company has a market cap of $30.96 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.21 and a beta of 1.48.

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

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is currently 34.04%.

State Street 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.