United Capital Financial Advisors LLC Takes $2.29 Million Position in State Street Corporation $STT

Key Points

• United Capital Financial Advisors purchased 13,525 State Street shares worth approximately $2.29 million in the second quarter. Institutional investors collectively own 87.44% of the company.
• Analysts maintain a favorable outlook, with State Street holding a consensus “Moderate Buy” rating and an average price target of $185.38, while the stock recently opened at $193.42.
• State Street reported quarterly earnings of $3.65 per share, exceeding expectations, with revenue up 23.3% year over year. The company also raised its quarterly dividend to $0.92 per share, producing a 1.9% annual yield.

United Capital Financial Advisors LLC purchased a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 13,525 shares of the asset manager's stock, valued at approximately $2,294,000.

Other hedge funds have also recently modified their holdings of the company. Dearborn Partners LLC purchased a new stake in shares of State Street during the second quarter worth about $424,000. Equitable Holdings Inc. bought a new position in State Street in the 2nd quarter worth $427,000. Centaurus Financial Inc. purchased a new stake in State Street in the second quarter worth about $155,000. Pacific Heights Asset Management LLC bought a new stake in shares of State Street during the second quarter valued at approximately $42,400,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of State Street during the 2nd quarter valued at $23,013,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

STT has been the topic of several analyst reports. UBS Group set a $176.00 target price on State Street in a report on Friday, June 26th. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of State Street in a research report on Tuesday. Royal Bank Of Canada upped their price target on shares of State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a research note on Friday, July 17th. Truist Financial restated a "hold" rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of State Street from $176.50 to $187.00 and gave the stock a "neutral" rating in a 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 issued a Hold rating to the company's stock. Based on data from MarketBeat, State Street presently has a consensus rating of "Moderate Buy" and a consensus price target of $185.38.

State Street Stock Up 0.0%

STT opened at $193.42 on Friday. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.93. 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 50 day moving average price of $182.46 and a 200-day moving average price of $155.95. The stock has a market capitalization of $53.13 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last released its quarterly 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. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.88 billion. During the same period in the prior year, the firm earned $2.04 EPS. The company's revenue was up 23.3% compared to the same quarter last year. Equities research analysts forecast that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given 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 of this dividend is Thursday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's payout ratio is currently 29.63%.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares of the company's stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company'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 sale, the chief executive officer directly owned 240,959 shares of the company's stock, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. 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. Insiders have sold 25,811 shares of company stock worth $4,723,982 in the last quarter. Company insiders own 0.27% of the company's stock.

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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