Hennion & Walsh Asset Management Inc. Buys 8,841 Shares of State Street Corporation $STT

Key Points

• Hennion & Walsh Asset Management increased its State Street stake by 37% in the second quarter, purchasing 8,841 additional shares for a total holding of 32,709 shares valued at approximately $5.55 million. Institutional investors collectively own 87.44% of the company.
• State Street reported second-quarter EPS of $3.65, exceeding estimates by $0.31, while revenue rose 23.3% year over year to $4.05 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $185.38.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, representing an annualized dividend of $3.68 and a 2.0% yield. State Street shares opened at $184.46, near their 52-week high of $192.51.

Hennion & Walsh Asset Management Inc. increased its stake in State Street Corporation (NYSE:STT - Free Report) by 37.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 32,709 shares of the asset manager's stock after purchasing an additional 8,841 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in State Street were worth $5,547,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC raised its position in shares of State Street by 8.3% in the second quarter. Valeo Financial Advisors LLC now owns 3,902 shares of the asset manager's stock valued at $662,000 after purchasing an additional 299 shares during the period. Elevation Wealth Partners LLC boosted its holdings in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock worth $30,000 after buying an additional 106 shares during the period. Czech National Bank boosted its holdings in shares of State Street by 3.6% during the 2nd quarter. Czech National Bank now owns 78,778 shares of the asset manager's stock worth $13,361,000 after buying an additional 2,772 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab grew its stake in State Street by 11.5% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 56,117 shares of the asset manager's stock valued at $9,517,000 after buying an additional 5,775 shares during the last quarter. Finally, 55 North Private Wealth LLC acquired a new position in State Street in the 2nd quarter valued at $292,000. Institutional investors own 87.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of State Street from $176.50 to $187.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. Royal Bank Of Canada lifted their price objective on State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a research note on Friday, July 17th. UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Seaport Research Partners reaffirmed a "buy" rating and issued a $170.00 target price on shares of State Street in a report on Monday, April 20th. Finally, Morgan Stanley lifted their price target on State Street from $183.00 to $195.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $185.38.

State Street Stock Performance

NYSE STT opened at $184.46 on Monday. The company's fifty day moving average is $174.80 and its two-hundred day moving average is $149.69. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51. 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 firm has a market capitalization of $50.67 billion, a price-to-earnings ratio of 16.27, a P/E/G ratio of 0.76 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last announced 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 net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the business earned $2.04 earnings per share. The firm's revenue for the quarter was up 23.3% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. This is a positive change from State Street's previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 2.0%. State Street's payout ratio is currently 29.63%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. The trade was 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 sold a total of 49,576 shares of company stock valued at $8,415,875 in the last quarter. Corporate insiders own 0.27% of the company's stock.

State Street Company Profile

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.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source