State Street Corporation $STT Stock Acquired by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its State Street stake by 4.7% in the second quarter, bringing its holdings to 426,809 shares worth approximately $72.4 million. Institutional investors and hedge funds collectively own 87.44% of STT.
• State Street exceeded quarterly expectations, reporting $3.65 in EPS and $4.05 billion in revenue, with revenue up 23.3% year over year.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, equivalent to an annualized $3.68 dividend and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus rating, with a $185.38 average price target.

Envestnet Asset Management Inc. boosted its holdings in State Street Corporation (NYSE:STT - Free Report) by 4.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 426,809 shares of the asset manager's stock after buying an additional 19,035 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of State Street worth $72,387,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Philadelphia Investment Partners LLC acquired a new position in shares of State Street during the 2nd quarter valued at $26,000. Bell Investment Advisors Inc acquired a new stake in State Street in the 2nd quarter valued at $28,000. Elevation Wealth Partners LLC raised its position in State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock valued at $30,000 after purchasing an additional 106 shares during the period. Continuum Advisory LLC purchased a new position in State Street in the second quarter valued at about $30,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in State Street in the second quarter valued at about $33,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

Shares of NYSE STT opened at $181.37 on Friday. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.93. The business has a 50 day moving average price of $187.19 and a two-hundred day moving average price of $164.23. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm has a market cap of $49.82 billion, a PE ratio of 15.99, a price-to-earnings-growth ratio of 0.86 and a beta of 1.41.

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

State Street Increases Dividend

The business 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 dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 2.0%. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio (DPR) is 32.45%.

Insider Activity

In other news, EVP W. Hu sold 9,758 shares of the business's stock in a transaction dated Friday, July 24th. The shares were 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 of the company's stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,553 shares of the company's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup upped their target price on State Street from $193.00 to $210.00 and gave the stock a "buy" rating in a research report on Friday, July 17th. Truist Financial reiterated a "hold" rating and set a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. UBS Group set a $176.00 price target on State Street in a research report on Friday, June 26th. Wells Fargo & Company upped their price target on State Street from $196.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Finally, The Goldman Sachs Group increased their price objective on shares of State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $185.38.

About State Street

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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