Davis Selected Advisers Has $6.51 Million Position in State Street Corporation (NYSE:STT)

Key Points

• Davis Selected Advisers increased its stake in State Street Corporation by 15.2% to a total of 72,704 shares, valued at approximately $6.5 million.
• State Street's recent earnings report showed an EPS of $2.53, exceeding estimates, with quarterly revenue reaching $3.47 billion.
• The company announced a dividend increase to $0.84, effective October 14th, resulting in an annual yield of 3.1%.

Davis Selected Advisers increased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 15.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,704 shares of the asset manager's stock after acquiring an additional 9,593 shares during the period. Davis Selected Advisers' holdings in State Street were worth $6,509,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. First Pacific Financial acquired a new position in State Street during the first quarter worth about $25,000. Larson Financial Group LLC boosted its position in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares during the period. Coppell Advisory Solutions LLC boosted its position in shares of State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after purchasing an additional 412 shares during the period. Golden State Wealth Management LLC boosted its position in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after purchasing an additional 310 shares during the period. Finally, MV Capital Management Inc. boosted its position in shares of State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after purchasing an additional 251 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Performance

NYSE STT traded up $1.46 during trading on Friday, hitting $111.28. The company's stock had a trading volume of 1,184,363 shares, compared to its average volume of 2,306,239. 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 firm has a 50 day moving average price of $105.47 and a 200 day moving average price of $96.62. The firm has a market cap of $31.57 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 1.23 and a beta of 1.48. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $114.28.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 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 company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the previous year, the business posted $2.15 EPS. The company's revenue for the quarter was up 2.9% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company 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. 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. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is 37.63%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on STT shares. Citigroup increased 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. Keefe, Bruyette & Woods decreased their price target on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Wells Fargo & Company increased their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Morgan Stanley raised 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, Barclays decreased their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $112.00.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred 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 sale, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company's stock.

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.