Kathmere Capital Management LLC Buys Shares of 2,988 State Street Corporation $STT

Key Points

• Kathmere Capital Management LLC acquired 2,988 shares of State Street Corporation valued at approximately $318,000 in the second quarter.
• State Street recently reported $2.53 earnings per share, surpassing analysts' expectations and showing a slight year-over-year revenue increase of 2.9%.
• The company announced a quarterly dividend increase to $0.84 per share, reflecting a 2.9% dividend yield and a dividend payout ratio of 34.04%.

Kathmere Capital Management LLC bought a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,988 shares of the asset manager's stock, valued at approximately $318,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Eastern Bank raised its stake in State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after buying an additional 2,947,153 shares in the last quarter. Nuveen LLC bought a new position in State Street in the first quarter worth approximately $93,016,000. Invesco Ltd. raised its stake in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after buying an additional 674,120 shares in the last quarter. Miller Howard Investments Inc. NY bought a new position in State Street in the first quarter worth approximately $42,504,000. Finally, Allianz Asset Management GmbH raised its stake in State Street by 404.7% in the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager's stock worth $52,469,000 after buying an additional 469,936 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Up 1.2%

Shares of State Street stock opened at $115.64 on Monday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The company's 50-day simple moving average is $112.32 and its 200-day simple moving average is $100.59. The firm has a market cap of $32.81 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 1.13 and a beta of 1.50.

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

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 2.9%. State Street's dividend payout ratio (DPR) is currently 34.04%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.29% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on STT shares. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Citigroup raised State Street from a "neutral" rating to a "buy" rating and upped their price target for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Morgan Stanley upped their price target on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Bank of America upped their price target on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. 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 research report on Wednesday, July 2nd. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, State Street currently has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.

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.

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