Verdence Capital Advisors LLC Purchases New Shares in State Street Corporation (NYSE:STT)

Verdence Capital Advisors LLC acquired a new position in State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 2,736 shares of the asset manager's stock, valued at approximately $245,000.

A number of other institutional investors have also recently bought and sold shares of the business. Larson Financial Group LLC grew its holdings in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares in the last quarter. Wealthfront Advisers LLC grew its stake in State Street by 22.2% during the first quarter. Wealthfront Advisers LLC now owns 51,420 shares of the asset manager's stock worth $4,604,000 after buying an additional 9,354 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in State Street by 10.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,299 shares of the asset manager's stock valued at $206,000 after buying an additional 210 shares during the period. Apollon Wealth Management LLC increased its holdings in State Street by 2.0% in the 1st quarter. Apollon Wealth Management LLC now owns 10,252 shares of the asset manager's stock valued at $918,000 after buying an additional 202 shares during the period. Finally, Sigma Planning Corp acquired a new position in shares of State Street in the 1st quarter valued at approximately $591,000. Institutional investors own 87.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on STT shares. Bank of America lifted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Morgan Stanley raised their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Wells Fargo & Company lifted their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Barclays dropped their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, The Goldman Sachs Group raised their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, State Street has an average rating of "Hold" and an average price target of $112.00.

State Street Trading Up 0.3%

NYSE:STT traded up $0.37 on Thursday, reaching $111.02. 1,999,777 shares of the stock traded hands, compared to its average volume of 2,346,665. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $111.61. The company's 50 day moving average is $102.31 and its 200-day moving average is $95.57. The firm has a market capitalization of $31.66 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 1.23 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.15 EPS. Equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.03%. State Street's payout ratio is 34.04%.

Insider Buying and Selling

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This represents a 2.34% 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. Also, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.