State Street Corporation $STT Stock Holdings Boosted by State Street Corp

Key Points

• State Street Corp increased its stake in State Street Corporation by 1.2% during the second quarter, bringing its holdings to 13.54 million shares valued at approximately $2.30 billion. Institutional investors collectively own 87.44% of the company.
• State Street reported quarterly EPS of $3.65, surpassing the $3.34 analyst estimate, while revenue rose 23.3% year over year to $4.05 billion.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, equivalent to an annualized dividend of $3.68 and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $185.38.

State Street Corp grew its position in shares of State Street Corporation (NYSE:STT - Free Report) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 13,538,311 shares of the asset manager's stock after purchasing an additional 163,362 shares during the quarter. State Street Corp owned 4.93% of State Street worth $2,296,098,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Philadelphia Investment Partners LLC acquired a new position in State Street during the second quarter worth about $26,000. Bell Investment Advisors Inc acquired a new stake in State Street in the 2nd quarter valued at about $28,000. Elevation Wealth Partners LLC boosted its position in shares of State Street by 153.6% during the 2nd 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 in the last quarter. Continuum Advisory LLC bought a new position in shares of State Street during the 2nd quarter valued at about $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in shares of State Street in the 2nd quarter worth approximately $33,000. Institutional investors own 87.44% of the company's stock.

Insider Transactions at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 240,959 shares of the company's stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the stock in a transaction that occurred on 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 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 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.

State Street Trading Down 2.2%

State Street stock opened at $180.27 on Wednesday. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.93. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a market capitalization of $49.52 billion, a price-to-earnings ratio of 15.90, a P/E/G ratio of 0.87 and a beta of 1.41. The company has a 50 day moving average price of $187.43 and a 200 day moving average price of $163.30.

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 (EPS) for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the company earned $2.04 earnings per share. The company's revenue for the quarter was up 23.3% on a year-over-year basis. Research analysts forecast that State Street Corporation will post 13.76 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is a boost from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio is 29.63%.

Analysts Set New Price Targets

STT has been the topic of a number of research reports. Bank of America boosted their target price on shares of State Street from $160.00 to $190.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Weiss Ratings raised State Street from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, September 14th. The Goldman Sachs Group increased their price objective 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, Zacks Research lowered State Street from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $185.38.

State Street 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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