Trust Co. of Vermont Takes Position in State Street Corporation $STT

Key Points

• Trust Co. of Vermont acquired 5,351 shares of State Street in the second quarter, valued at approximately $908,000. Institutional investors collectively own 87.44% of the company’s stock.
• State Street reported quarterly earnings of $3.65 per share, surpassing estimates of $3.34, while revenue rose 23.3% year over year to $4.05 billion. The company also increased its quarterly dividend to $0.92 per share, producing a 1.9% annualized yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $185.38, while recent insider activity included sales by the CEO and an executive vice president under pre-arranged trading plans.

Trust Co. of Vermont purchased a new position in State Street Corporation (NYSE:STT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,351 shares of the asset manager's stock, valued at approximately $908,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STT. Bell Investment Advisors Inc purchased a new position in State Street during the second quarter valued at approximately $28,000. Wilkerson Advisory Group LLC purchased a new stake in State Street during the fourth quarter worth $29,000. JPL Wealth Management LLC bought a new stake in State Street during the 3rd quarter valued at $29,000. Phillip James Consulting Co. bought a new stake in State Street during the 4th quarter valued at $30,000. Finally, Elevation Wealth Partners LLC increased its holdings in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock valued at $30,000 after acquiring an additional 106 shares during the period. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Down 0.5%

State Street stock opened at $192.03 on Wednesday. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18. The business has a fifty day moving average price of $178.87 and a 200-day moving average price of $152.80. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a market capitalization of $52.75 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 0.79 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 the consensus estimate 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 for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the company posted $2.04 EPS. The firm's quarterly revenue was up 23.3% compared to the same quarter last year. Equities research analysts forecast that State Street Corporation will post 13.75 EPS 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. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. This is an increase from State Street's previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street's dividend payout ratio is currently 29.63%.

Insider Activity

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the business's stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following 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 this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% 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. Insiders have sold a total of 49,576 shares of company stock worth $8,415,875 over the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

STT has been the subject of a number of analyst reports. Argus upped their price objective on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. 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. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Weiss Ratings upgraded shares of State Street from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, May 28th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of State Street from $176.50 to $187.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $185.38.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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