Park Avenue Securities LLC raised its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 58.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,964 shares of the asset manager's stock after purchasing an additional 4,045 shares during the period. Park Avenue Securities LLC's holdings in State Street were worth $1,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STT. First Pacific Financial purchased a new stake in State Street during the first quarter valued at approximately $25,000. Capital Analysts LLC grew its stake in shares of State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after buying an additional 274 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares during the last quarter. Golden State Wealth Management LLC grew its stake in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after buying an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. grew its stake in shares of State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after buying an additional 251 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at State Street
In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company's stock.
State Street Stock Up 1.2%
Shares of NYSE:STT opened at $115.64 on Friday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The stock has a market cap of $32.81 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 1.12 and a beta of 1.50. The business's 50 day moving average is $112.32 and its 200 day moving average is $100.38. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street's revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.15 earnings per share. Sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current year.
State Street Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is currently 34.04%.
Analyst Upgrades and Downgrades
STT has been the topic of a number of analyst reports. Wells Fargo & Company upped their target price on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. TD Cowen initiated coverage on State Street in a research note on Thursday. They set a "buy" rating on the stock. The Goldman Sachs Group upped their target price on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, Bank of America increased their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Nine 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.
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State Street Profile
(
Free Report)
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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