Roberts Glore & Co. Inc. IL Invests $933,000 in State Street Corporation $STT

Key Points

• Roberts Glore & Co. purchased 5,499 State Street shares during the second quarter, valued at approximately $933,000. Institutional investors collectively own 87.44% of STT.
• State Street reported quarterly EPS of $3.65, exceeding estimates of $3.34, 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 increased its quarterly dividend from $0.84 to $0.92 per share, equivalent to an annualized $3.68 and a 1.9% yield. Meanwhile, insiders sold 25,811 shares worth approximately $4.7 million over the past 90 days.

Roberts Glore & Co. Inc. IL purchased a new position in State Street Corporation (NYSE:STT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 5,499 shares of the asset manager's stock, valued at approximately $933,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STT. Bell Investment Advisors Inc bought a new position in shares of State Street during the second quarter worth about $28,000. Elevation Wealth Partners LLC increased its holdings in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock worth $30,000 after acquiring an additional 106 shares during the period. Keating Financial Advisory Services Inc. bought a new stake in State Street in the 2nd quarter valued at about $33,000. Kelleher Financial Advisors bought a new stake in State Street in the 2nd quarter valued at about $33,000. Finally, Wilkerson Advisory Group LLC acquired a new position in State Street during the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Buying and Selling at State Street

In other news, EVP W. Bradford Hu sold 9,758 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company's stock in a transaction on Monday, June 8th. The shares were 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 of the company's stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is owned by corporate insiders.

State Street Stock Up 1.2%

State Street stock opened at $193.12 on Wednesday. The company's 50-day moving average price is $181.03 and its two-hundred day moving average price is $154.80. The stock has a market cap of $53.05 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 0.79 and a beta of 1.41. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.18. 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 data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts' expectations of $3.88 billion. During the same period last year, the firm posted $2.04 earnings per share. The business's revenue was up 23.3% on a year-over-year basis. On average, analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal 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 paid a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio is 29.63%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on STT shares. Truist Financial restated a "hold" rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Royal Bank Of Canada boosted their price objective on State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a research report on Friday, July 17th. Wells Fargo & Company increased their price objective on State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. The Goldman Sachs Group raised their target price on State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Finally, UBS Group set a $176.00 price target on State Street in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price 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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