UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Stock Holdings in State Street Corporation $STT

Key Points

• UBS Asset Management increased its State Street stake by 4.9% in the second quarter, owning 2.96 million shares valued at approximately $502.4 million. Institutional investors collectively hold 87.44% of STT’s outstanding shares.
• State Street reported quarterly EPS of $3.65, exceeding estimates of $3.34, while revenue rose 23.3% year over year to $4.05 billion. The company also raised its quarterly dividend to $0.92 per share, implying a 1.9% annual yield.
• Analysts maintain a generally positive view, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $185.38; recent targets range as high as $215.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in State Street Corporation (NYSE:STT - Free Report) by 4.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,962,274 shares of the asset manager's stock after acquiring an additional 137,798 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 1.08% of State Street worth $502,402,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in State Street during the second quarter worth about $4,139,389,000. Regents of The University of California increased its stake in State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager's stock valued at $1,123,186,000 after buying an additional 5,908,370 shares during the last quarter. Norges Bank purchased a new stake in State Street in the 4th quarter valued at about $303,483,000. Legal & General Group Plc bought a new position in shares of State Street during the 2nd quarter worth approximately $330,849,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of State Street in the 2nd quarter worth approximately $301,393,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Trading Up 0.0%

Shares of STT stock opened at $193.42 on Monday. 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 $53.13 billion, a P/E ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41. The company has a 50 day moving average of $182.46 and a 200-day moving average of $156.10. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS 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%.State Street's revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 earnings per share. Sell-side analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio is currently 29.63%.

Insider Buying and Selling

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on STT. Barclays upped their target price on State Street from $165.00 to $200.00 and gave the company an "equal weight" rating in a report on Friday, July 17th. UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Keefe, Bruyette & Woods upped their price objective on State Street from $195.00 to $215.00 and gave the company an "outperform" rating in a research note on Friday, July 17th. Evercore set a $200.00 target price on State Street in a research report on Monday, July 20th. Finally, Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $185.38.

About State Street

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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