Verdence Capital Advisors LLC Makes New Investment in State Street Corporation (NYSE:STT)

Verdence Capital Advisors LLC acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,736 shares of the asset manager's stock, valued at approximately $245,000.

A number of other large investors also recently modified their holdings of STT. Principal Financial Group Inc. increased its stake in State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after buying an additional 5,242 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after buying an additional 17,201 shares during the period. Index Fund Advisors Inc. acquired a new position in State Street during the 1st quarter valued at $505,000. Bank of New York Mellon Corp raised its stake in State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock valued at $195,764,000 after purchasing an additional 123,259 shares during the last quarter. Finally, Pacific Heights Asset Management LLC raised its stake in State Street by 9.1% during the 1st quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock valued at $5,372,000 after purchasing an additional 5,000 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Bank of America raised their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Citigroup increased their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Morgan Stanley lifted their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, State Street currently has an average rating of "Hold" and a consensus target price of $112.00.

State Street Stock Up 0.5%

Shares of NYSE STT traded up $0.54 during mid-day trading on Wednesday, reaching $110.25. 1,050,523 shares of the company were exchanged, compared to its average volume of 2,110,847. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $31.44 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.20 and a beta of 1.45. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $110.97. The firm has a 50-day moving average of $101.31 and a 200 day moving average of $95.20.

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

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is 37.63%.

Insider Buying and Selling at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by company 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.