Stance Capital LLC Has $502,000 Holdings in State Street Corporation $STT

Key Points

• Stance Capital LLC increased its holdings in State Street Corporation by 186.0% during the first quarter, reaching 5,608 shares valued at approximately $502,000.
• State Street recently raised its quarterly dividend from $0.76 to $0.84 per share, reflecting a 3.0% yield and a payout ratio of 37.63%.
• Analysts have varying outlooks on State Street's stock, with target prices ranging from $109.00 to $130.00, resulting in a consensus rating of "Moderate Buy."

Stance Capital LLC boosted its position in State Street Corporation (NYSE:STT - Free Report) by 186.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,608 shares of the asset manager's stock after acquiring an additional 3,647 shares during the period. Stance Capital LLC's holdings in State Street were worth $502,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in STT. Brighton Jones LLC purchased a new stake in State Street in the 4th quarter valued at about $296,000. Aptus Capital Advisors LLC purchased a new position in State Street during the fourth quarter worth approximately $218,000. Baird Financial Group Inc. grew its stake in shares of State Street by 37.7% during the 4th quarter. Baird Financial Group Inc. now owns 34,419 shares of the asset manager's stock valued at $3,378,000 after buying an additional 9,423 shares during the period. Deutsche Bank AG increased its holdings in shares of State Street by 2.9% during the 4th quarter. Deutsche Bank AG now owns 1,736,708 shares of the asset manager's stock worth $170,458,000 after buying an additional 48,464 shares during the last quarter. Finally, First Manhattan CO. LLC. purchased a new position in shares of State Street in the 4th quarter worth $200,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and increased 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 objective on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Evercore ISI raised their price target on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and an average price target of $114.18.

State Street Stock Down 1.2%

NYSE STT traded down $1.34 during trading on Wednesday, reaching $110.71. 2,191,870 shares of the company's stock were exchanged, compared to its average volume of 2,059,562. The firm has a market capitalization of $31.41 billion, a PE ratio of 12.40, a P/E/G ratio of 1.10 and a beta of 1.50. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $116.37. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company's fifty day simple moving average is $111.23 and its 200-day simple moving average is $98.70.

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. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the company earned $2.15 earnings per share. State Street's quarterly revenue was up 2.9% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is 37.63%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, 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 this link. Corporate insiders own 0.29% of the company's stock.

State Street Company 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.