State Street Corporation $STT Shares Acquired by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP increased its State Street stake by 1,213.4% in the second quarter, acquiring 125,080 additional shares and bringing its holdings to 135,388 shares valued at approximately $23 million. Institutional investors collectively own 87.44% of the company.
• Analysts maintain a favorable outlook, with State Street receiving a consensus rating of “Moderate Buy” and an average price target of $185.38. Recent target increases included Keefe, Bruyette & Woods at $215 and Morgan Stanley at $195.
• State Street reported stronger-than-expected quarterly results, with earnings of $3.65 per share and revenue of $4.05 billion, while quarterly revenue rose 23.3% year over year. The company also raised its quarterly dividend from $0.84 to $0.92 per share, implying a 1.9% annual yield.

Engineers Gate Manager LP grew its holdings in State Street Corporation (NYSE:STT - Free Report) by 1,213.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 135,388 shares of the asset manager's stock after acquiring an additional 125,080 shares during the period. Engineers Gate Manager LP's holdings in State Street were worth $22,962,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Western Wealth Management LLC lifted its position in State Street by 3.1% during the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager's stock valued at $253,000 after purchasing an additional 60 shares during the period. Arjuna Capital boosted its holdings in State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock valued at $3,243,000 after purchasing an additional 95 shares during the last quarter. CX Institutional grew its position in State Street by 1.0% during the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager's stock worth $1,660,000 after purchasing an additional 98 shares during the period. Greenleaf Trust raised its stake in shares of State Street by 0.6% during the 2nd quarter. Greenleaf Trust now owns 17,295 shares of the asset manager's stock valued at $2,933,000 after buying an additional 99 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock valued at $4,053,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the firm's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods upped their target price on State Street from $195.00 to $215.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Morgan Stanley boosted their price target on State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Truist Financial restated a "hold" rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Evercore set a $200.00 price objective on State Street in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of State Street from $176.50 to $187.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. Two equities research 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 has a consensus rating of "Moderate Buy" and a consensus target price of $185.38.

State Street Trading Up 0.1%

STT stock opened at $192.03 on Thursday. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93. The business's 50-day moving average is $185.90 and its 200 day moving average is $159.65. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a market cap of $52.75 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 0.91 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business's quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.04 earnings per share. On average, sell-side analysts anticipate that State Street Corporation will post 13.76 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Thursday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's payout ratio is 29.63%.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.

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