Raymond James Financial Inc. Has $43.96 Million Stock Position in State Street Corporation $STT

Key Points

• Raymond James Financial Inc. increased its stake in State Street Corporation by 9.3% during the first quarter, now holding 490,987 shares worth approximately $43.96 million.
• State Street recently announced a quarterly dividend of $0.84 per share, up from the previous $0.76, resulting in an annualized dividend of $3.36 with a yield of 2.9%.
• Following its recent earnings report, State Street's stock saw upgrades from various analysts, with price targets ranging from $106 to $121.

Raymond James Financial Inc. lifted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 9.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 490,987 shares of the asset manager's stock after buying an additional 41,979 shares during the period. Raymond James Financial Inc. owned about 0.17% of State Street worth $43,958,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Meeder Advisory Services Inc. grew its position in State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after acquiring an additional 114 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after acquiring an additional 118 shares during the last quarter. Larson Financial Group LLC grew its position in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after acquiring an additional 118 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after acquiring an additional 134 shares during the last quarter. Finally, Ironwood Investment Counsel LLC grew its position in State Street by 2.6% during the 1st quarter. Ironwood Investment Counsel LLC now owns 5,921 shares of the asset manager's stock worth $530,000 after acquiring an additional 149 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by insiders.

State Street Stock Up 2.7%

Shares of State Street stock opened at $115.3610 on Friday. State Street Corporation has a one year low of $72.81 and a one year high of $115.65. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The stock's 50-day moving average is $108.38 and its 200 day moving average is $97.47. The firm has a market cap of $32.73 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.10 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the company earned $2.15 EPS. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is currently 37.63%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Bank of America boosted their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Wells Fargo & Company boosted their price objective on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Morgan Stanley boosted their price objective on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Citigroup upped their price target on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $112.82.

About State Street

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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