Ieq Capital LLC Buys New Position in State Street Corporation $STT

Key Points

• Ieq Capital initiated a position in State Street during the second quarter, purchasing 5,242 shares valued at approximately $889,000. Institutional investors collectively own 87.44% of the company.
• State Street reported strong quarterly results, with EPS of $3.65 and revenue of $4.05 billion, exceeding analyst estimates; revenue increased 23.3% year over year.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, equivalent to an annualized dividend of $3.68 and a 1.9% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $185.38.

Ieq Capital LLC purchased a new position in shares of State Street Corporation (NYSE:STT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,242 shares of the asset manager's stock, valued at approximately $889,000.

Other institutional investors also recently added to or reduced their stakes in the company. Western Wealth Management LLC boosted its holdings in shares of State Street by 3.1% in the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager's stock valued at $253,000 after acquiring an additional 60 shares during the period. Arjuna Capital increased its holdings in shares of State Street by 0.4% in the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock valued at $3,243,000 after acquiring an additional 95 shares during the period. CX Institutional raised its position in State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager's stock valued at $1,660,000 after purchasing an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in State Street by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock valued at $4,053,000 after purchasing an additional 100 shares during the last quarter. Finally, Bridgewater Advisors Inc. boosted its stake in State Street by 5.5% during the 1st quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager's stock worth $246,000 after purchasing an additional 101 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Performance

NYSE STT opened at $193.26 on Friday. The stock has a market capitalization of $53.09 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 0.80 and a beta of 1.41. The business's 50 day moving average is $181.97 and its two-hundred day moving average is $155.68. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $3.88 billion. During the same period last year, the firm earned $2.04 EPS. The company's quarterly revenue was up 23.3% compared to the same quarter last year. Research analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The firm also recently announced 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 represents a $3.68 dividend on an annualized basis and a yield of 1.9%. This is an increase from State Street's previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street's dividend payout ratio is 29.63%.

Insider Buying and Selling at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 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. Over the last quarter, insiders sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Truist Financial restated a "hold" rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Citigroup increased their target price on shares of State Street from $193.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, July 17th. Wells Fargo & Company raised their price target on State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Finally, Royal Bank Of Canada upped their price objective on State Street from $155.00 to $196.00 and gave the company a "sector perform" rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and a consensus price target of $185.38.

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.

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